Montreal, Quebec, December 24, 2007 – Mackenzie I. Watson, President and CEO of Freewest Resources Canada Inc. (FWR:TSX-V) (the “Corporation”) is pleased to announce that the Corporation has completed its previously-announced private placement by issuing 4,670,125 “flow-through” common shares at a price of $0.32 per share, for gross proceeds to Freewest of $1,494,440.
Each “flow-through” common share is accompanied by one-half of a common share purchase warrant. Each whole warrant entitles the holder to acquire one additional non-“flow-through” common share of Freewest at a price of $0.40 per share for a period of two years.
Under applicable securities legislation and the policies of the TSX Venture Exchange, the securities issued pursuant to the private placement are subject to a hold period expiring on April 22, 2008.
Freewest will use 90% of the proceeds from the private placement for exploration work on its properties located in Ontario, Quebec and New Brunswick and 10% of the proceeds will be applied to working capital and general corporate purposes.
As a result of the private placement, there are 161,095,028 common shares of Freewest issued and outstanding.
Freewest is a well-funded mineral exploration corporation exploring for gold, base-metals and uranium in Eastern Canada. Corporate information on the Corporation and on its properties can be accessed on the Internet at www.freewest.com. Freewest’s shares are listed on the TSX Venture Exchange under the symbol FWR.
For further information please contact:
Mackenzie I. Watson
President and CEO
Tel: (514) 878-3551 or 1-888-878-3551
Fax: (514) 878-4427
E-mail: info@freewest.com
Website: www.freewest.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
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