NWM Closes Oversubscribed Equity Financing for CAD $5.2M

    
    TSX Venture Exchange
    Symbol: NWM
    Shares Outstanding: 293,796587
    

TORONTO, Oct. 14 /CNW/ - NWM Mining Corporation (TSX-V: NWM) is pleased to announce the oversubscribed closing of the previously announced 50,000,000 common share private placement financing increased for oversubscription to 65,402,500 common shares. Each share was issued at a price of $.08 cents per common share for aggregate proceeds of CAD $5,232,200. Commissions amounting to CAD $512,820 were paid, and shares totalling 6,410,250 issued, to placement agents in connection with this financing.

The private placement is subject to the approval of the TSX Venture Exchange and the securities issued are subject to a four month and one day hold period ending February 15, 2011.

"This financing has been used to repay $3,500,000 of the bridge loan announced September 24, 2010. Funds were used to pay down debt that had been outstanding to BioteQ Environmental Technologies Inc. as announced September 30, 2010. The Company is on track for a first gold pour from commercial production at the Lluvia de Oro mine before the end of December, 2010 and is concurrently undertaking exploration work around both the Lluvia de Oro and La Jojoba gold deposits," said NWM President & CEO, Chris Berlet.

Neither the 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 of this release.

For further information: NWM Mining Corporation at [phone]