/NOT FOR DISTRIBUTION IN THE UNITED STATES OF AMERICA/
VANCOUVER, Aug. 9, 2011 /CNW/ - Anglo Swiss Resources Inc. (ASW:TSX-V, ASWRF:OTCQX) ("Anglo Swiss" or "the Company") is pleased to announce that the Company has closed the first tranche of the proposed private placement announced on July 26, 2011.
Anglo Swiss placed 1,250,000 flow-through shares of the Company (the "FT Shares") at a price of $0.15 per FT Share, for gross proceeds of $187,500.
Anglo Swiss also placed 4,436,666 working capital units of the Company (the "WC Units") at a price of $0.12 per WC Unit, for gross proceeds of $532,400. Each WC Unit consists of one common share (a "WC Share") and one-half of one common share purchase warrant (a "WC Warrant") of the Company. Each full WC Warrant entitles the holder to acquire an additional common share at a price of $0.20 per share for a period of eighteen (18) months from the closing date.
The Company paid a finder's fee of $13,194 and issued 125,000 Finder's Warrants exercisable into a common share at $0.15 for a period of eighteen (18) months from the closing date and 27,000 Finder's Options exercisable into a WC Unit at $0.12 for a period of eighteen (18) months from the closing date.
Securities issued pursuant to the above referenced private placements are legended and restricted from trading until December 10, 2011.
An insider subscribed for 170,000 WC Units. The insider private placement is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 ("MI61-101") by virtue of the exemptions contain in section 5.5(a) and 5.7(1) (a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company issued to the insider did not exceed 25% of its market capitalization.
The Company plans to leave the offering open and may place up to a further 1,813,334 WC Units and 5,416,680 FT Shares for up to a further $1,030,102.
The funds raised from this offering will be used for further exploration of the Company's Kenville Gold Mine property and the Nelson Mining Camp property in British Columbia and the Lansdowne House Ring of Fire property in Ontario and for general working capital.
The Company would also like to clarify that its previously issued press release of June 30, 2011, announcing the closing of the acquisition of the Lansdowne House property, contained an error in the number of shares issued to INV Metals Inc. The correct number of shares issued is 11,787,775 shares of the Company, 162,999 less than the 11,950,774 shares previously reported.
About Anglo Swiss:
Anglo Swiss Resources Inc. controls a highly-prospective, Canadian, precious and base metal exploration property portfolio which includes its flagship 160 sq. km, Nelson Mining Camp Project, that hosts the 100%-owned Kenville Gold Mine, in southeastern BC; and its newly acquired 100%-owned, Lansdowne House, Ring of Fire project in northwestern Ontario. Further information may be found at www.anglo-swiss.com or at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.