Selwyn Resources Ltd.
TSX VENTURE : SWN

Selwyn Resources Ltd.

September 16, 2009 16:15 ET

Selwyn Resources to Increase Up to $7,092,000 Non-Brokered Share Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 16, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Selwyn Resources Ltd. (TSX VENTURE:SWN) ("Selwyn" or the "Company") is pleased to announce that it has increased the size of its offering (previously announced on September 8, 2009) from 50,000,000 to 59,100,000 common shares at $0.12 per share to raise up to $7,092,000 in a non-brokered private placement ("the Offering"). The securities sold will have a four month hold period extending from the closing date of the transaction. The securities will be sold pursuant to applicable securities law exemptions. The Offering is subject to completion of final documentation, and receipt of required regulatory approvals. The Offering is expected to close before September 30, 2009.

The proceeds of the Offering will be used for general working capital, drilling, metallurgical studies, engineering studies and environmental activities at the Selwyn Project. These activities will advance the Selwyn Project while the Company continues to have discussions with various potential strategic partners for their participation in the Selwyn Project.

This news release contains forward-looking statements concerning the proposed financing, development of the Selwyn Project and success of proposed additional exploration drilling. These statements are based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of failure to complete the proposed financing, failure to obtain necessary regulatory approvals, exploration and other risk factors beyond Selwyn's control. There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release.

Neither 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

  • Selwyn Resources Ltd.
    Dr. Harlan Meade
    President and CEO
    (604) 801-7240 or Toll-free: 1-888-989-9188
    or
    Selwyn Resources Ltd.
    Jasmin TamDoo
    Manager of Investor Communications
    (604) 801-7240 or Toll-free: 1-888-989-9188
    (604) 689-8355 (FAX)
    info@selwynresources.com
    www.selwynresources.com