Swift Resources Inc.

Swift Resources Inc.

January 04, 2011 09:30 ET

Swift Announces Closing of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 4, 2011) - Swift Resources Inc. (the "Company") (TSX VENTURE:SWR) is pleased to announce that further to the Company's news release dated December 21, 2010, the Company has closed its non-brokered private placement for flow-through shares. The placement consisted of 6,507,500 flow-through common shares at a price of $0.12 per share for gross proceeds of $780,900.

In connection with the placement, the Company has issued finder's fees equal to 8% payable in cash to certain finders and, to one finder, a finder's fee of 6% payable in cash and 200,000 finder's warrants (the "Finder's Warrants") to purchase up to 200,000 non-flow-through common shares, with each Finder's Warrant exercisable into one additional common share at a price of $0.12 per share for 24 months from the closing date. All the securities issued hereunder are subject to a four month hold period.

The proceeds from the flow-through private placement will be used towards the 2011 exploration program on the Company's Castlegar properties.

The Company's non-brokered private placement of up to 4,000,000 non-flow-through units ("NFT Units") at a price of $0.10 per NFT Unit for gross proceeds of $400,000 is still open. Each NFT Unit will consist of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share of the Company at an exercise price of $0.15 for a period of 24 months from the date of issue of the warrant. The proceeds from the NFT Unit private placement will be used towards general working capital.

About the Company

Swift Resources is a mineral exploration company advancing the Castlegar Gold Project in south-western British Columbia. For additional information about the Company visit our website at www.swiftres.com


Mike Elson, President

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 news release.

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