CALGARY, ALBERTA--(Marketwire - Nov. 19, 2012) -
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO ANY U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.
Mr. Charlie Chapman, President of Primewest Exploration Inc. (TSX VENTURE:PWI.H) (the "Corporation" or "Primewest") announces the Corporation has closed the first tranche of its previously announced non-brokered private placement which consisted of the issuance of 6,450,000 common shares at an issue price of 5 cents for aggregate proceeds of $322,500. The common shares have a statutory hold period expiring on March 15, 2013. The Corporation paid a finder's fee of 7 per cent payable in cash and an option to acquire such number of common shares equal to 7 per cent of the common shares sold under the offering, at an exercise price equal to five cents per share exercisable for a period of 24 months from the closing date, payable to Macquarie Private Wealth Inc.
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Corporation's control that may cause actual results or performance to differ materially from those currently anticipated in such statements. Such forward-looking statements include comments regarding the private placement and use of funds.
Neither the TSX Venture Exchange, Inc. nor its Regulation Service Provider (as that term is defined under the policies of the TSX Venture Exchange) has neither approved nor disapproved of the contents of this press release.