International PBX Ventures Ltd. (the
"Company") (TSX.V:PBX) announces that, subject to TSX Venture
Exchange approval, it will raise $500,000 by way of a non-brokered private
placement of 6,250,000 units at a price of $0.08 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 $0.12 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
$0.25 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
ON BEHALF OF THE BOARD OF DIRECTORS OF
INTERNATIONAL PBX VENTURES LTD.
George Sookochoff, President & CEO