Far West Completes $2,000,000 Financing.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--April 1, 2003 Far West Mining Ltd. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension Venture: FWM FWM Four-Wave Mixing FWM Fabric Workshop and Museum (Philadelphia, Pennsylvania) FWM Free Wheelchair Mission FWM Fine With Me FWM Fachverband Werbung Und Marktkommunikation ) announces that it has completed a financing of 6,250,000 units ("Units") at $0.32 per Unit pursuant to a short form offering document dated March 4, 2003, as amended by an amendment dated March 27, 2003, to raise total gross proceeds of $2,000,000 (the "Financing"). Each Unit consisted of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at a price of $0.45 until March 31, 2004. The Financing included the conversion of 1,541,250 convertible debt units to Units distributed pursuant to the short form offering document. The Convertible Debt Units were issued pursuant to a private placement of Far West on December 31, 2002 for gross proceeds of $493,200 (which amount is included in the $2,000,000 raised pursuant to the Financing). Canaccord Capital Corporation ("Canaccord") acted as agent for the financing and received, together with the selling group Selling Group All financial institutions involved in selling or marketing a new issue of debt or equity but not necessarily participating in the underwriting consortium. Notes: , a cash commission equal to 7% of the gross proceeds of the Units sold under the short form offering document and an option to acquire an aggregate of 706,313 Units at a purchase price of $0.32 per Unit expiring March 31, 2004. Canaccord also received an administration fee of $5,000 and a corporate finance fee of 100,000 units ("CFF See Compensatory Financing Facility. Units"), each one CFF Unit consisting of one common share and one common share purchase warrant ("CFF Warrant"), with each one CFF Warrant entitling Canaccord to acquire one common share at a price of $0.34 until March 31, 2004. Canaccord did not receive any further compensation for the conversion of the Convertible Debt Units to Units distributed pursuant to the short form offering document as compensation for the sale of the Convertible Debt Units was paid at the closing of the issuance of the Convertible Debt Units. The proceeds from the Financing will be used by Far West for exploration and development of Far West's Candelaria Project in Northern Chile and for working capital. Far West is a natural resource company currently engaged in the evaluation, acquisition, exploration and development of mining properties. Far West's current operations include the exploration for Iron Oxide The material used to coat the surfaces of magnetic tapes and lower-capacity disks. Hosted Copper-Gold (IOCG IOCG Iron Oxide Copper Gold IOCG International Organization for Crystal Growth ) deposits in the Candelaria Copper Belt of northern Chile with BHP Billiton BHP Billiton is the world's largest mining company.[1] Its origin is in the 2001 merger of Australia's Broken Hill Proprietary Company (BHP) and the UK's Billiton, which has a South African background. The result is a dual-listed company. . The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. does not accept responsibility for the adequacy or accuracy of this release. |
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