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ACFAW.COM's Update on Proposed Mineral Claims Acquisition, Private Placement and New Directors

^{Published on 2009-12-22 06:50:08 - Market Wire}
 

MONTREAL, QUEBEC--(Marketwire - Dec. 22, 2009) - ACFAW.COM. (CNSX:ACW) is moving ahead with the 101 mineral claims acquisition announced on Dec. 10, 2009. All required documentation was submitted to the CNSX Exchange for approval and review and trading has now resumed.

Also, the Company wishes to confirm that all required NI 43-101 geological reports have been posted on SEDAR and CNSX websites for shareholders' review to appreciate the magnitude of the proposed transaction.

ACFAW.COM confirms that it will close within the next few days, a $250.000 minimum and $750,000 maximum private placement, prior to the proposed transaction closing; proceeds will be used for new business strategy implementation and working capital purposes.

The Company also announces the nomination of two (2) additional directors on the Board of Directors (the "Board"):

Frank Dumas, currently CEO and President of LiteWave Corp. (OTC:LTWV) and president of Dumasbancorp ULC, a corporate finance consultancy joins the Board as director and will be proposed as president of the new Board to be voted at the next special and annual meeting of the shareholders. Mr. Dumas has been involved in the financial industry as a consultant for foreign governments and foreign governmental entities on the subject of International Administration and strategic governance and has advised different money managers and hedge funds, particularly in regards to market intelligence. Over time, he has held different executive positions with many established companies, as well as start-ups. Mr. Dumas holds a Bachelor's degree in International Relations from the University of Quebec in Montreal. After completion of his BA, he went on to study law. He also holds a Master's Degree (MPA) in Public Administration from Montreal's Ecole Nationale d'Administration Publique (ENAP).

Mark Billings is presently President and CEO of Orex Exploration Inc. (TSX VENTURE:OX), a junior mining gold exploration company operating in Nova Scotia that owns a flagship gold property named Goldboro being jointly developped with Osisko Mining Corporation (TSX:OSK). Mr. Billings also serves as the Chief Financial Officer of Argex Silver Capital (TSX VENTURE:RGX), a junior mining exploration company with titanium, vanadium and iron ore assets in Quebec. He is on the board of directors of a number of public companies in Canada and the United States. From 2004 to 2006, Mr. Billings was Vice-President of Corporate Finance with Desjardins Securities Inc., where he led a number of public and private financings and took companies public on Canadian exchanges. Mr. Billings holds a Master of Business Administration degree, with honors, from the Harvard Business School, where he graduated in 1995. He graduated with a Bachelor of Arts in Political Science, with highest honors, from Carleton University in Ottawa in 1992. In 2002, he was awarded the Chartered Financial Analyst (CFA) designation from the CFA Institute in Charlottesville, Virginia. Mr.Billings will also be on the new proposed Board to be elected at the next special and annual meeting of the shareholders.

ON BEHALF OF THE BOARD OF DIRECTORS

Francois Houille De Beaulieu

President