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Re: Press Release - Friday, June 27, 2008
Palladon Ventures Completes Buyout Of Joint Venture Partner In
Iron Ore Project And Closes Private
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Salt Lake City, UT, June 27, 2008. Palladon Ventures Ltd. ("Palladon"
or the "Company") (TSX.V: PLL) (Frankfurt: PV-1) is pleased to
announce that it has completed the acquisition of its joint venture
partner's interest in Palladon Iron Corporation ("PIC") from Luxor
Capital Partners, LP ("Luxor") under the terms announced on June 4,
2008.
The Company is also pleased to announce that it has closed its private
placement announced June 4, 2008. The private placement consists of
87,375,169 units at a price of C$0.70 per unit (US$0.688 per unit) for
gross proceeds of C$61,162,618 (US$60,022,667). Each unit consists of
one common share plus one quarter of one common share purchase warrant.
Each whole warrant will entitle the holder to purchase one additional
common share at a price of C$1.00 per warrant share for a period of 18
months from closing.
The Company will also issue 871,885 units in lieu of cash to a
U.S.-based financial services firm as part of the 6% advisory fee for
the equity private placement.
All securities are subject to a four month hold period expiring October
27, 2008.
Management plans to hold an investor conference call within the next
week to discuss the completed transactions and to provide an update on
the Company's progress on the project.
Furthermore, the Company is also pleased to announce that it has filed
with the applicable Canadian securities regulatory authorities on SEDAR
an updated Technical Report dated June 18, 2008 (the "Technical
Report") for its Iron Ore Project. The Technical Report will also be
made available on the Company's website at .
On Behalf of the Board of Directors,
Donald G. Foot, Jr.
President and Chief Executive Officer
About Palladon
Palladon Ventures Ltd. is a junior resource company focused on
redeveloping the Iron Mountain project in Iron County, Utah. Palladon
also holds interests in gold exploration projects in Nevada, Utah and
Argentina.
For Further Information Please Contact:
Donald G. Foot, Jr.
President and Chief Executive Officer
Palladon Ventures Ltd.
Tel: 801-521-5252
Fax: 801-521-5454
Email:
Web:
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Copyright (c) 2008 PALLADON VENTURES LTD. (PLL) All rights reserved.
For more information visit our website at
http://www.palladonventures.com/ or send
mailto:info@palladonventures.com
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