International PBX Ventures Ltd. (the "Company") (TSX.V:PBX) announces that, subject to TSX Venture Exchange approval, it will raise up to $600,000 by way of a non-brokered private placement of up to 7,500,000 units at a price of
.08 per unit. Each unit will consist of one common share and one-half of a warrant. One whole warrant entitles the holder to purchase one additional share at
.12 per share for two years 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
.20 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. The Company may pay finder’s fees in accordance with the policies of the TSX Venture Exchange in connection with the private placement.
Proceeds of the private placement will be used for general working capital.
International PBX Ventures Inc. is a junior exploration Company with a strong portfolio of copper, molybdenum and gold projects in Chile. The 100% owned Copaquire copper molybdenum property is the Company’s flagship project and is located in Chile’s prolific copper porphyry belt. The Quebrada Blanca and Collahuasi (the third largest copper mine in the world) producers are within 15 kilometres of the property.
ON BEHALF OF THE BOARD OF DIRECTORS OF
INTERNATIONAL PBX VENTURES LTD.
Terry Lynch, President
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.