| | | Thu Oct 18, 2007
$4,000,000 Private Placement
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| | War Eagle Mining Company Inc. (the "Company") is pleased to announce its intention to raise up to $4,000,000 by way of a non-brokered private placement of a maximum 8 million units (the "Unit") of the "Company" at $0.50 per Unit. Each Unit is to consist of one common share and one half of one common share purchase warrant (the "Warrant"). Each whole Warrant will entitle the holder thereof to purchase one Common Share at a price of $0.75 for a period of 18 months from the date of issue.
The offering remains subject to the approval of the TSX Venture Exchange.
The Company may pay a finder's fee, payable in cash and/or securities to certain entities in connection with introductions of investors made by the finders, such finder's fees to be paid in accordance with TSXV policies.
An institutional shareholder with a significant number of shares has expressed interest in purchasing its pro rata share of the proposed private placement.
The net proceeds from the private placement will be used for General Administration and further development of the Company's Tres Marias project located in Mexico.
War Eagle Mining Company Inc. trades on the TSX-V exchange under the symbol WAR.
For further information contact: Bob Faris, Vice President, Corporate Development
1-800-877-1626 or 604-606-7973.
"Terence F. Schorn"
Terence F. Schorn, P. Geo
PresidentWar Eagle Mining Company Inc
For further information contact:
Bob Faris, Vice President, Corporate Development
or Steve McGuire at 1-800-877-1626 or 604-606-7973.
www.wareaglemining.com
info@wareaglemining.com
Media Relations
Nancy Tamosaitis
Vorticom Public Relations
212.532.2208
nancyt@vorticom.com
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of the contents of the foregoing.
Forward Looking Statements
This disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control including: the impact of general economic conditions in the areas in which the Company operates, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with mining operations, therefore the Company's actual results, performance or achievements could differ materially from those expressed in or implied by these forward-looking statements will transpire, or occur, or if any of them do so, what benefits, including the amounts of proceeds which the company will derive therefrom. All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements include future pricing trends of Ge metal, completion and production timetables. These statements are based on assumptions made by the company based on its experience perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. |
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