Freewest to raise C$2.1 million; Century Mining pockets C$3.9 million; DiamonEx wraps £1.35 million

By LLuvia Mares

New York, Jan. 11 - In the mining sector, Freewest Resources Canada Inc. led news with plans to raise a C$2.1 million private placement of units.

"The flow-through money we will raise will be spent on the property and we have some hard cash that we will be using as well," said Ronny Kay, Freewest vice president and chief financial officer. "We always have to raise the cash while times are good."

Kay said the company is currently well on its feet with plenty of cash in the bank, however if the right opportunity came along it wouldn't turn more down.

The company will sell 7 million units at C$0.30 each. The units consist of one common share and one half-share warrant with each whole warrant exercisable at C$0.40 for one year.

Freewest's stock (TSX Venture: FWR) closed at C$0.30 on Friday, up C$0.01 from Thursday's C$0.29 close.

PowerOne Capital Markets Ltd. was the placement agent.

Settlement is expected Jan. 24.

Proceeds will be used for exploration, working capital and general corporate purposes.

Montreal-based Freewest is a mineral exploration company focused on gold, base metals and uranium.

Century Mining takes C$3.9 million

Also in the natural resources sector, Century Mining Corp. announced Friday it pocketed a C$2.8 million tranche of a non-brokered private placement of flow-through shares and units.

"First of all, the only real time in the year that you can raise flow-through shares is during the last three weeks of the year, so we decided to look at that," said Peggy Kent, company chairman and chief executive officer. "We took that money and we knew that for sure we could use it for our expenditures in 2008."

"We decided to take the flow-through shares when we could get them and then assess our capital needs in the next few weeks and decide where we should go from there."

The deal priced for C$8 million on Nov. 21. Century also raised C$1.1 million in a deal which priced Dec. 24 for C$2.63 million.

In the first deal, Century sold 5.6 million flow-through shares at C$0.50 apiece. It planned to sell up to 8 million shares at that price. It also intends to sell 10 million units of one non flow-through share and one half-share non flow-through warrant at C$0.40 each. Each whole warrant will be exercisable at C$0.75 for two years.

In the second deal, Century sold 3,154,715 flow-through shares at C$0.35 per share. The company planned to sell up to 7.5 million shares at that price.

The company's stock (TSX Venture: CMM) closed at C$0.50 on Friday, up C$0.12 from Friday's C$0.38 closed.

Proceeds from the second offering will be used for exploration on and near Century's Lamaque property.

"The company is always on the lookout for acquisitions," she said. "As of right now, we will be closing one at the end of January and are in a situation where we are continuing to look for more opportunities."

Century is a gold mining company based in Blaine, Wash.

DiamonEx closes £1.35 million

Also in mining, DiamonEx Ltd. also raised £1.35 million in a private placement of shares.

"DiamonEx welcomes this further demonstration of confidence by large, highly regarded investors in the international resources industry," said Greg King, company chairman, in press release.

"Calendar year 2008 is a watershed year for DiamonEx as we transform ourselves from a junior explorer to a producer. We continue to implement our planned growth strategy."

The company sold 8,457,000 shares at 16p each through broker Fox-Davies Capital Ltd.

The company's stock (Australia: DON) closed at A$0.465 at close Jan. 11.

Based in Brisbane, Australia, DiamonEx is a specialist diamond explorer focused on discovering and developing commercial diamond bearing bodies.

Nayarit wraps C$2.27 million

In other news, Nayarit Gold Inc. said it settled a C$2.27 million non-brokered private placement of units. The deal priced for C$2.2 million on Jan. 2.

The company sold 5,682,500 units, up slightly from its planned sale of up to 5.5 million units, at C$0.40 apiece. Each unit consists of one common share and a warrant. The two-year warrants are exercisable at C$0.60 for the first year and at C$0.70 thereafter.

The company paid a C$9,100 cash commission and issued 27,300 warrants for this deal.

The company's stock (TSX Venture: NYG) closed at C$0.52 on Friday, up C$0.03 from Thursday's C$0.49 close.

Proceeds will be used for exploration and general working purposes.

Toronto-based Nayarit is a gold exploration company.

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