PBX Ventures Extends
Non Brokered Private
Ventures Ltd. (the "Company") (TSX.V:PBX) is pleased to announce that,
subject to TSX Venture Exchange approval, it has decided to extend its
non-brokered private placement of units originally announced on January 24, 2012.
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 25
cents 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 35 cents or more for 10 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.
On February 8, 2012, the Company closed the full private placement plus
oversubscriptions, as announced in the February 8, 2012 news release
. Because of interest and the need for additional working capital,
the Company decided to extend the placement to raise further gross proceeds of
up to $112,500 for a total of 750,000 units on the terms noted above.
The Company intends to close the extended placement as a second tranche.
The Company may pay finder�s fees in cash and/or warrants in accordance
with the policies of the TSX Venture Exchange.
Proceeds of the private placement will be used for
general working capital.
ON BEHALF OF THE BOARD OF DIRECTORS OF
INTERNATIONAL PBX VENTURES LTD.
George Sookochoff, President