FWM:CA announced that it has agreed to a private placement of $10,000,000 with Pacific Road Resources Funds, consisting of 2,439,025 units at $4.10 per. The proceeds of the financing will be used for development of the Santo Domingo Iron-Oxide-Copper-Gold property in Chile, and for exploration and working capital. On closing, Pacific Road will hold an equity interest of 8.65% in Far West (increasing to a maximum of 11.96% if all warrants are exercised).
President/CEO Rick Zimmer said, “We are very pleased that PRRF are increasing their investment during this important phase of development while the Company pursues strategic transactions.”
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