Gowest Amalgamated Resources Ltd.
TSX VENTURE : GWA

Gowest Amalgamated Resources Ltd.

May 15, 2009 15:56 ET

Gowest Announces Final Closing of Private Placement

TORONTO, ONTARIO--(Marketwire - May 15, 2009) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Gowest Amalgamated Resources Ltd. (the "Corporation") (TSX VENTURE:GWA) announced today that, in connection with the initial closing on May 11, 2009 of its previously announced private placement, it has issued and sold, on a non-brokered private placement basis, an additional 1,500,000 "flow-through" common shares ("FT Shares"), at a price of $0.07 per FT Share for additional gross proceeds to the Corporation of $105,000.

The proceeds of the private placement will be used primarily to further explore and develop the Corporation's Frankfield Project located near Timmins, Ontario, and also for working capital purposes. The FT Shares will be "flow-through shares" under the Income Tax Act (Canada), and the proceeds raised from the sale of the FT Shares will be used for Canadian Exploration Expenses (within the meaning of the Income Tax Act (Canada)) related to the exploration programs of the Corporation.

All of the securities issued in connection with the private placement are subject to a four month hold period in accordance with applicable securities laws.

The Corporation is a Canadian exploration company focused on advancing its gold projects located in Northern Ontario and Quebec.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements regarding an offering, including the proposed use of proceeds of the offering. Actual developments may differ materially from those contemplated by these statements depending upon, among other things, the ability of the Corporation to raise the funds and decisions made by regulators. The forward looking statements contained in this press release represent the Corporation's views and expectations as of the date of this release and should not be relied upon as representing its views and expectations at any subsequent date.

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

  • Gowest Amalgamated Resources Ltd.
    Gregory Romain
    President & Chief Executive Officer
    (416) 840-9912
    Website: www.gowestamalgamated.com