Far West Mining (T.FWM); hit a new 52-week high of $3.28; Far West Mining advises that it has closed the financing with Quadra Mining Ltd. announced on October 16, 2009 for gross proceeds of $10,000,000. Quadra Mining Ltd. has subscribed for 4,901,961 units of Far West Mining Ltd. at $2.04 per unit.
Each unit consists of one common share and one transferable share purchase warrant of the Company. Each share purchase warrant will entitle the holder to purchase one common share for a period of 24 months after the Closing Date at an exercise price of $2.75. No commissions or finders fees are payable in connection with this placement. Quadra holds a 7.9% equity interest in the Company, increasing up to 14.64% if all share purchase warrants are exercised.
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