NWM Amends Overall Debt Facility
TSX Venture Exchange
Symbol: NWM
TORONTO, Oct. 27, 2011 /CNW/ - NWM Mining Corporation (the 'Company')
has amended several components of its overall debt facility held with Renvest Mercantile Bancorp Inc. through its Global Resource Fund. The overall debt facility now includes the Revolving Credit Facility of USD $5,000,000 as previously announced on October 12, 2011. The lender has also agreed to extend the maturity date of the USD $1,500,000 promissory note from December 13, 2011 to August 31, 2012 and to extend the maturity date of the USD $13,000,000 due on the promissory notes from September 24, 2012 to December 14, 2012.In consideration for the foregoing extensions and the addition of the Revolving Credit Facility, the Company has made a cash payment of USD $50,000, issued 9,500,000 common shares, amended the conversion price of the lender's USD $2,000,000 convertible from CDN $0.20 to CDN $0.12 and granted an additional 0.5% NSR on the Company's mining properties. Uses of proceeds for the Revolving Credit Facility will include the funding of working capital and expansion costs for mining of the Lluvia de Oro and Jojoba properties and capital expenditures related to the production of gold and other mine development costs.
'This overall financing increase allows us to continue with the planned ramp up of the Lluvia-Jojoba project without near term delays or encumbrances resulting from working capital limitations,' said Chris Berlet, CEO.
NWM Mining Corporation
CONTACT: For more information please see NWM's website at www.nwmcorp.ca
____________________________________________________________________
| Contact: Chris Berlet, President & CEO or Chris|
|Chadder, CFO |
| Phone: 416-364-6799 Fax: 416-364-2595|
| info@nwmcorp.ca |
|________________________________________________________________|
|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 |
|____________________________________________________________________|
