Fundy Minerals
LSE : FUND

April 26, 2010 08:30 ET

Directors' Dealings-Directors Receive Shares in Lieu of Fees-Issue of Equity and Loan Notes

FOR IMMEDIATE RELEASE                                                                              26 APRIL 2010
                                                   FUNDY MINERALS LTD
                                                      (PLUS: FUND)
       
                                                  Directors' Dealings
                                         Directors Receive Shares in Lieu of Fees
                                             Issue of Equity and Loan Notes

The Board of Fundy Minerals Ltd ("Fundy" or "the Company"), the Canadian  exploration company, announces that in
accordance with an existing service contract, it has issued 16,814,391 shares, representing  9.38% per cent of the
enlarged issued share capital in lieu of directors' fees amounting to CAD51,492 owed to Southwood Partners.
15,000,000 shares have been placed with Starvest plc at a price of 0.12 pence per share. Following this transaction,
Southwood Partners beneficially owned by Jeffrey Michel, Chairman and CEO will directly and indirectly, have an
interest in 12,601,097 Ordinary shares representing 7.03 per cent (previously 6 per cent.) of the issued share capital
of the Company. 
The Directors, in aggregate, own or have a beneficial interest in 15,301,097 shares, representing 8.54 per cent
(previously 7.65 per cent) of the issued share capital.

Starvest  plc now has an interest in 36,893,785 Ordinary shares representing 13.14 per cent (previously 13.48 per
cent) of the issued share capital. 

The Company has approved the issue and allotment of 16,814,391 new ordinary shares in the Company. 
Fundy has also completed a financing with Worship Street Investments.   Worship Street has subscribed for 3 secured
loan notes each worth £5,000 ('Loan Notes') in Fundy Minerals Limited ('Fundy') redeemable on 22 June 2010
('Redemption Date'). An Interest rate equivalent to a yield to redemption of 25% shall apply to each and all Loan
Notes. 

The Loan Notes constitutes a Secured Obligation of Fundy. The Loan Notes will be secured against 7,117,392 shares of
World Mining Services (Company Number: 001926v) ('Security Shares') currently held by Fundy, representing 10.19% of 
the issued share capital of World Mining Services. On the day of signing the Loan Notes deeds, Fundy will transfer the 
Security Shares to Worship Street. Upon the full redemption of all the Loan Notes by Fundy, Worship Street will 
transfer in full the Security Shares back to Fundy. In the event of a default (i.e. non-redemption of the Loan Notes 
in full by Fundy on the Redemption Date) WSI will be entitled to assume full, unencumbered control and rights over the 
7,117,392 shares.        

As a result, Fundy's issued share capital will comprise 179,238,371 ordinary shares of common stock of par value 
C$0.01 each. All of these Ordinary Shares carry voting rights. Shareholders may use the above figure as the 
denominator for the calculations by which they will determine if they are required to notify their interest in, or 
change to their interest in, Fundy under the FSA's Disclosure and Transparency Rules. 

               The Directors of the Issuer accept responsibility for this announcement. 

                                                --ENDS--

For further information please contact: 

Fundy Minerals Ltd                      Tel. +1 416 238 0361 or +44 (0)207 669 4479
Jeff Michel, Chairman & CEO             info@fundyminerals.com 

Daniel Stewart & Company Plc            Tel. 020 7776 6550 
Andrew Edwards

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