Freewest Resources Canada Inc.

Freewest Resources Canada Inc.

April 30, 2009 16:43 ET

Freewest Resources Announces Closing of $500,000 Private Placement With MineralFields

- Issues 1,666,666 "flow-through" common shares at a price of $0.30 per share

MONTREAL, QUEBEC--(Marketwire - April 30, 2009) - Freewest Resources Canada Inc. (TSX VENTURE:FWR) announces that it has completed a private placement by issuing an aggregate of 1,666,666 "flow-through" common shares to four limited partnerships associated with MineralFields Group of Toronto, Ontario at a price of $0.30 per share, for gross proceeds to Freewest of $500,000.

In connection with the private placement, Freewest paid a fee to Limited Market Dealer Inc. of $40,000, representing 8% of the gross proceeds of the private placement.

Under applicable securities legislation, the shares issued in the private placement are subject to a four month hold period.

Freewest will use the proceeds from the private placement to explore its properties in Ontario, Quebec and New Brunswick.

As a result of the closing of the private placement, there are 199,825,039 common shares of Freewest issued and outstanding.

About Freewest

Freewest is a well-financed mineral exploration corporation with over C$4.0 million in working capital. It is actively exploring for gold, base-metals and chromite within eastern Canada. Corporate information can be accessed on the Internet at Freewest's shares are listed on the TSX Venture Exchange under the symbol FWR.

About MineralFields, Pathway and First Canadian Securities ®

MineralFields Group (a division of Pathway Asset Management), based in Toronto and Vancouver, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at First Canadian Securities ® is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®.

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

  • Freewest Resources Canada Inc.
    Mackenzie I. Watson
    President and CEO
    (514) 878-3551 or 1-888-878-3551
    (514) 878-4427 (FAX)
    Bay Street Connect
    Michael D'Amico
    Investor Relations
    (647) 500-6023