Selwyn Resources Announces $650,000 Closing of Second Tranche of Financing

Selwyn Resources Ltd. (TSX VENTURE:SWN) announced that it has closed on a second tranche of the previously-announced (see June 16, 2010 News Release) non-brokered offering of Flow-through shares and Units.

The press release is quoted as saying:

Pursuant to the Offering, in this second tranche, the Company issued 1,600,000 Flow-through shares for gross proceeds of $320,000. Each Flow-through share was priced at $0.20 per share. The securities have a four month hold period that expires on November 24, 2010. In addition, Resource Capital Fund IV LP (“RCF”) exercised its right to participate in the financing and maintain its 20.6% equity interest in Selwyn. RCF acquired 1,650,000 common shares also at $0.20 per share for proceeds of $330,000. The shares acquired by RCF also are subject to the hold period that expires on November 24, 2010.

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