America West Resources Completes $5.2 Million Private Placement Led by John Thomas Financial
January 08 2009 - 7:51AM
PR Newswire (US)
SALT LAKE CITY, Jan. 8 /PRNewswire-FirstCall/ -- America West
Resources, Inc. (OTC:AWSR) (BULLETIN BOARD: AWSR) , a domestic coal
producer with mining operations in Central Utah, today announced
that it has received approximately $5.2 million in gross proceeds
from an equity private placement transaction offered to accredited
retail investors and led by the New York City-based financial
services firm, John Thomas Financial, Inc. In association with the
offering, the Company issued approximately 25.8 million restricted
common shares and warrants to purchase 12.9 million common shares.
The warrants have a five-year term and an exercise price of $0.30.
Specific terms and conditions of the offering have been detailed in
a Form 8-K filed on January 7, 2009 with the U.S. Securities &
Exchange Commission. "Disregarding the holidays while also
overcoming prevailing challenges in the equity markets, the
talented and highly committed brokers and investment bankers at
John Thomas Financial got the job done," stated Dan Baker, Chief
Executive Officer of America West Resources. "We are very impressed
and greatly appreciative for their efforts on our behalf. The
proceeds from the offering will be used to materially strengthen
our balance sheet and allow our Company to accelerate monthly
production from our Horizon Mine, allowing us to better address
rising demand for our compliant coal." Thomas Belesis, founder,
Chairman and CEO of John Thomas Financial, added, "With both
domestic and international demand for coal expected to continue
rising well into the foreseeable future, it is essential that
U.S.-based mining companies are well positioned and financially
prepared to address robust growth opportunities. Given the positive
developments that have been occurring at America West Resources
over the past several months, coupled with its strong resource base
and proven management team, John Thomas Financial determined that
the Company merited our attention and investment banking support.
The completion of this offering demonstrates that irrespective of
actual or perceived financial market difficulties, John Thomas
Financial's retail clients are inclined to actively support smart
and compelling investment opportunities. Special credit is also due
to our retail sales force, whose tireless dedication to the America
West Resources offering led to its successful completion in a very
short period of time despite the holiday and troubles in today's
economy." The securities issued in the private placement have not
been registered under the Securities Act of 1933 or any state
securities laws and unless so registered may not be offered or sold
in the United States except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the
Securities Act of 1933 and applicable state securities laws. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities. About John Thomas
Financial, Inc. John Thomas Financial, member of the FINRA and
SIPC, is an independent broker dealer and investment banking firm
headquartered in New York City's Wall Street district, with a
growing network of branch offices throughout the country.
Emphasizing a client-centric approach to managing all aspects of
its business, the firm offers a full complement of retail brokerage
and corporate advisory services tailored to the unique needs of its
clients and investors. For more information on the firm, please
visit http://www.johnthomasbd.com/ . About America West Resources,
Inc. Headquartered in Salt Lake City, Utah, America West Resources,
Inc. is an established domestic coal producer focused on the mining
of compliant (low-sulfur) coal and its sale primarily to U.S.
utility companies for use in generating electricity. Since 2003,
the Company has extracted over 1.4 million tons of coal from its
owned and operated Horizon Coal Mine based in Central Utah. For
more information, please visit http://www.americacoal.com/ .
Forward-Looking Statements This news release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Please refer to the
Company's Form 10-KSB and other filings with the United States
Securities and Exchange Commission (the "SEC") for additional
information regarding risks and uncertainties, including, but not
limited to, the risk factors listed from time to time in such SEC
reports. Copies of these filings are available through the SEC's
electronic data gathering analysis and retrieval system (EDGAR) at
http://www.sec.gov/ . FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
ELITE FINANCIAL COMMUNICATIONS GROUP Dodi B. Handy, President &
CEO For Media Inquiries: Tiffany Korkis or John Morrison, Managing
Directors of Elite Media Group 407-585-1080 or via email at
DATASOURCE: America West Resources, Inc. Contact: Dodi B. Handy,
President & CEO, or Tiffany Korkis or John Morrison, Managing
Directors of Elite Media Group, +1-407-585-1080, , all for America
West Resources, Inc. Web site: http://www.americacoal.com/
http://www.johnthomasbd.com/
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