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Message: $4.5 Million Private Placement With Sprott Asset Management
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$4.5 Million Private Placement With Sprott Asset Management

posted on Mar 27, 2009 05:11AM
March 27, 2009
ATW Announces $4.5 Million Private Placement With Sprott Asset Management
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 27, 2009) - ATW Gold Corp. (TSX VENTURE:ATW) ("ATW" or "the Company") is pleased to announce a non-brokered private placement (the "Private Placement") of up to 7,258,064 units (the "Units") priced at $0.62 per Unit to raise up to $4,500,000.

Each Unit consists of one common share and one-half of one non-transferable common share purchase warrant (the "Warrants"). Each whole Warrant will be exercisable into one additional common share of the Company for one year from the closing date of the Private Placement (the "Closing Date") at an exercise price of $0.80 per common share.

All securities issued pursuant to the Private Placement will be subject to a 4-month hold period from the Closing Date. Finders' fees are payable on the non-insider portions of the Private Placement. The Private Placement is subject to approval from the TSX Venture Exchange.

Of the $4,500,000 comprising the Private Placement, Sprott Asset Management Inc., as portfolio manager for various funds, is purchasing a total of $3,503,000. The remaining $997,000 of the Private Placement is being purchased by other investors and insiders.

Proceeds of the Private Placement will be used to fund the Company's current working capital needs as it increases production from its Burnakura Gold Mine. Production at Burnakura commenced on March 3, 2009 and the Company's first gold pour occurred today.

Graham Harris, Chairman of ATW Gold Corp., commented, "ATW Gold Corp. welcomes Sprott Asset Management Inc. as a significant shareholder of our Company. This financing ensures that we have adequate working capital through the initial production phase at the Burnakura Gold Mine."

CONVERTIBLE DEBENTURE OFFERING NOT PROCEEDING

On February 19, 2009, the Company announced that it was engaging in an offering of convertible debentures. This offering of convertible debentures is not proceeding.

ATW GOLD CORP.

Graham Harris, Chairman & Director
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