PrimeWest Exploration Inc.

April 16, 2010 12:21 ET

PrimeWest Exploration Inc. Completes Initial Public Offering

CALGARY, ALBERTA--(Marketwire - April 16, 2010) - PrimeWest Exploration Inc. (the "Corporation") (TSX VENTURE:PWI) is pleased to announce that it has successfully completed its initial public offering of 1,000,000 common shares (the "Common Shares") at $0.25 per share for gross proceeds of $250,000 (the "Offering") with Macquarie Private Wealth Inc. ("Macquarie"), as agent. As a result of this issuance, the Corporation has 5,000,000 Common Shares issued and outstanding. In connection with the Offering, the Corporation granted an option to acquire an aggregate of 100,000 Common Shares (the "Agent Option") at an exercise price of $0.25 per share. The Agent Option will expire 24 months from the date the Corporation's Common Shares are listed on the TSX Venture Exchange (the "Exchange"). Macquarie also received a cash commission equal to 10% of the gross proceeds of the offering and an administration fee.

The Corporation has also granted options to acquire an aggregate of 100,000 Common Shares at an exercise price of $0.25 per share to an officer of the Corporation, which expire 5 years from the date of grant.

The Corporation is a capital pool company under the policies of the Exchange. The Exchange has conditionally approved the listing of the Corporation's Common Shares and the Corporation now intends to make application for final approval. It is expected that the Corporation's Common Shares will commence trading on the Exchange under the trading symbol "PWI" the week of April 19, 2010.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • PrimeWest Exploration Inc.
    Manjeet S. Dhillon
    Chief Financial Officer
    (403) 974-8861