Bonaventure Enterprises Inc.
TSX VENTURE : BVT
PINK SHEETS : BVTEF
FRANKFURT : YQG

December 21, 2007 06:00 ET

Bonaventure Enterprises Inc.: Closing of Brokered Private Placement, Exploration Program in 2008 to Focus on K9 Uranium Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 21, 2007) - BONAVENTURE ENTERPRISES INC. (TSX VENTURE:BVT)(PINK SHEETS:BVTEF)(FRANKFURT:YQG) is pleased to announce that it has closed the brokered private placement with Salman Partners previously announced in a News Release dated December 17, 2007. In addition, the Company is pleased to provide an update on its uranium properties.

Mr. Jean Lafleur, P. Geo., the Company's President & CEO states, "The financial market conditions did not permit Bonaventure to obtain more funding at this time. Our strategy was to minimize shareholder dilution, and capitalize on the significant uranium potential of K9. Now with funds secured, Bonaventure will be able to proceed as originally planned with the K9 drilling to follow up the encouraging surface sampling results reported by the Company on November 12, 2007."

Mr. Lafleur adds, "I would like to extend many thanks to all those individuals who helped with the financing. Bonaventure and I really appreciate your support. In this festive period, I would also like to extend to all our shareholders and stakeholders the very best over this upcoming holiday period. Hoping 2008 will be of benefit to us all."

Private Placement Closing

In accordance with the provisions of the brokered private placement, the Company issued a total of 8,921,600 Flow-Through Units (FT Units) at $0.45 per FT Unit. Each FT Unit consists of one common share and one share purchase warrant, each warrant entitling the holder to purchase one additional common share at a price of $1.05 per share until December 20, 2008 and thereafter $2.00 per share during the period December 21, 2008 to June 20, 2009.

The Company also issued a total of 745,000 Non Flow-Through Units (Non FT Units) at $0.40 per Non FT Unit, each Non FT Unit consisting of one common share and one half of one share purchase warrant. Each whole warrant entitles the holder to purchase one additional share at $0.65 per share until June 20, 2009.

Salman Partners acted as the lead agent. Commission of 8% cash was paid to the agent and 966,660 agents options were granted, each option entitling the holder to purchase one additional share. The terms of the agents options are the same as the warrants included in the FT Units and Non FT Units, with 74,500 having the same terms as the warrants included in the Non FT Units, and the remaining 892,160 having the same terms as the warrants included in the FT Units.

All of the securities issued in respect to the Private Placement are subject to a hold period under applicable Canadian securities laws expiring on April 21, 2008, and will be subject to such further restrictions on resale as may apply under applicable foreign securities laws.

The proceeds from the Private Placement will be used to fund the Company's Canadian exploration and development programs, and for general working capital.

ON BEHALF OF THE BOARD OF DIRECTORS

Jean Lafleur, P. Geo., President & CEO

About Bonaventure Enterprises Inc.

Bonaventure Enterprises Inc. is a Canadian based resource and exploration company traded publicly under the symbol BVT on the TSX Venture Exchange and YQG on the Frankfurt Stock Exchange and Xetra. Presently with uranium, poly-metallic and diamond assets in the Athabasca Basin, uranium properties in the James Bay and North Shore regions of Quebec, and gold claims in Nevada, two of which are under a Joint-Venture with U.S. Gold (TSX:UXG), Bonaventure is focused on the creation of shareholder value and building a first-tier energy company through the acquisition and development of large projects demonstrating the ability to host World-Class mineral deposits.

Please visit the Bonaventure Enterprises Inc.'s website at www.bonaventure.us.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.

Contact Information

  • Bonaventure Enterprises Inc.
    Jean Lafleur, P. Geo.
    (514) 794-3633
    Website: www.bonaventure.us
    or
    First Canadian Capital
    Daniel Boase
    1-866-580-8891
    or
    ParaDox Public Relations
    Carl Desjardins
    1-866-460-0408