Swift Resources Inc.
TSX VENTURE : SWR

Swift Resources Inc.

March 09, 2011 09:00 ET

Swift Announces Closing of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 9, 2011) - Swift Resources Inc. (the "Company") (TSX VENTURE:SWR) is pleased to announce that further to the Company's news release dated January 4, 2011, the Company has closed its non-brokered private placement for Non Flow through Units ("NFT"). The total placement consisted of a total of 2,175,000 Non-flow-through Units at a price of $0.10 per share for gross proceeds of $217,500 and received TSX-V approval on March 7, 2011.

Each NFT Unit consisted 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.

The Company further announces an additional Non–Brokered Private placement of up to 2,500,000 Units at a price of $0.10 per Unit for gross proceeds of $250,000. Each 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 2 years from the date of issue of the Warrant.

All securities issued will be subject to a four-month hold period. The offering is subject to the approval of the TSX Venture Exchange (the "TSX") and a finder's fee may be payable in accordance with the policies of the TSX.

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

ON BEHALF OF THE BOARD OF DIRECTORS

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.

Contact Information

  • Swift Resources Inc.
    Mike Elson
    604-558-1000
    or
    Swift Resources Inc.
    Lawrie Koyle
    778-889-4871
    www.swiftres.com