International Wayside Gold Mines Ltd.
TSX VENTURE : WGM
FRANKFURT : IWUA

International Wayside Gold Mines Ltd.

November 28, 2007 20:00 ET

Wayside Closes First Tranche of Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 28, 2007) - International Wayside Gold Mines Ltd. ("the Company") (TSX VENTURE:WGM)(FRANKFURT:IWUA) wishes to report that the first tranche of the non-brokered private placement announced October 24, 2007, as amended November 5, 2007, has now closed. The Company has issued 3,935,000 Flow-Through Units (the "FT Units") at a price of $0.20 per FT Unit and 135,000 Non Flow-Through Units (the "NFT Units") at a price of $0.15 per NFT Unit to raise gross proceeds to date of $807,250.

Each FT Unit consists of one common share issued on a flow-through basis and one-half of one common share purchase warrant exercisable on the basis of one whole warrant is exercisable at a price of $0.24 per share for a period of two years. Each NFT Unit consists of one common share and one-half of one common share purchase warrant exercisable on the basis one whole warrant is exercisable at a price of $0.185 per share for a period of two years.

Cash finders fees in the aggregate amount of $32,996 were paid in connection with this private placement.

Funds raised in connection with the sale of the FT Units will be used for general exploration expenditures, which will constitute Canadian exploration expenses (as defined in the Canada Income Tax Act). Funds raised in connection with the sale of the NFT Units will be used for general working capital.

Securities issued as set out above will be subject to a four month hold period expiring as follows: 3,020,000 issued securities have a hold period expiring March 5, 2008 and 1,050,000 issued securities have a hold period expiring March 19, 2008.

On Behalf of the Board of Directors

J. Frank Callaghan, President

This news release contains forward-looking statements regarding the timing and content of upcoming programs. Actual results may differ materially from those currently anticipated in such statements.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • International Wayside Gold Mines Ltd.
    J. Frank Callaghan
    President
    (604) 669-6463 or Toll Free: 1-800 663-9688
    (604) 669-3041 (FAX)
    Website: www.wayside-gold.com