PBX Closes Private Placement Raising Gross Proceeds of $1,056,000
28 Ottobre 2011 - 12:24AM
Marketwired
International PBX Ventures Ltd. ("PBX" or the "Company") (TSX
VENTURE:PBX) is pleased to announce that the Company has closed a
non-brokered private placement previously announced on October 11,
2011. The private placement consists of 5,280,000 units at a price
of $0.20 per unit raising gross proceeds of $1,056,000. Each unit
consists of one common share and one-half of a warrant. One whole
warrant entitles the holder to purchase one additional share at
$0.30 per share for 24 months from the closing date of the private
placement. The warrants are subject to an acceleration clause which
is triggered when the Company's shares trade at $0.40 or more for
ten consecutive trading days. Upon the occurrence of such event,
the Company reserves the right, at its discretion, to demand
exercise of the warrants within a specified period of time, barring
which the warrants will expire. In connection with the private
placement, finders' fees totaling $32,500 were paid. The Private
Placement is subject to regulatory acceptance.
In accordance with securities legislation currently in effect,
the securities issued will be subject to a "hold period" of four
months plus one day from the date of closing.
The proceeds of the private placement will be used for the
completion of the current phase of drilling and resource
calculation on its Copaquire copper molybdenum rhenium project
located in Chile.
ON BEHALF OF THE BOARD OF DIRECTORS OF INTERNATIONAL PBX
VENTURES LTD.
George Sookochoff, President & CEO
We seek safe harbour.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: International PBX Ventures Ltd. George Sookochoff
President & CEO (604) 681-7748 or Toll Free: 1-877-681-1154
(604) 681-0568 (FAX)www.internationalpbx.com
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