Swift Resources Inc.
TSX VENTURE : SWR

Swift Resources Inc.

July 03, 2008 14:34 ET

Swift Resources Closes Financing With MineralFields Group

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 3, 2008) - Swift Resources Inc. (TSX VENTURE:SWR) ("Swift" or the "Company") is pleased to announce that it has closed a private placement on a bought deal basis (the "Financing") with MineralFields Group. The private placement consisted of 666,666 flow-through units (the "FT Units") at a price of $0.60 per FT Unit, and 400,000 non flow-through units (the "NFT Units") at a price of $0.50 per Unit.

Each FT Unit consists of one flow-through common share (the "FT Shares") and one-half of a non flowthrough share purchase warrant (the "FT Warrants"). Each whole FT Warrant is transferable and will entitle the holder to purchase one additional non flow-through common share, exercisable at a price of $0.75 per share until June 30, 2010. The FT Shares will entitle the holder to receive the tax benefits applicable to flowthrough shares, in accordance with provisions of the Income Tax Act (Canada).

Each NFT Unit consists of one non flow-through common share (the "NFT Shares") and one-half of a non flow-through share purchase warrant (the "NFT Warrants"). Each whole NFT Warrant is transferable and will entitle the holder to purchase one additional non flow-through common share, exercisable at a price of $0.75 per share until June 30, 2010.

The NFT Warrants and the FT Warrants contain an acceleration clause that would provide that the subscriber would have 30 days to exercise upon notice to the subscriber that Swift shares have closed at no less than $1.00 per share for 20 consecutive trading days.

All securities issued pursuant to the Financing have a hold period expiring October 31, 2008.

"We are pleased to be entering into this relationship with MineralFields Group," said Mike Elson, President and CEO. "This is an important milestone in the growth of Swift Resources Inc. and we look forward to working with MineralFields Group as we develop our mineral property interests in Canada."

About MineralFields, Pathway and First Canadian Securities®

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, 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. Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities®, a division of Limited Market Dealer Inc., is active in leading resource financings (both flow-through and hard dollar) on competitive, effective and service-friendly terms, with investors both within, and outside of MineralFields Group.

SWIFT RESOURCES INC.

Mike Elson, President & Chief Executive Officer

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Contact Information

  • Swift Resources Inc.
    Stan Szary
    Director
    (604) 685-6989
    (604) 687-1327 (FAX)
    Website: www.Swiftres.com