International PBX Ventures Ltd.
TSX VENTURE : PBX

International PBX Ventures Ltd.

August 27, 2010 15:02 ET

International PBX Ventures Completes Non Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 27, 2010) - International PBX Ventures Ltd. (the "Company") (TSX VENTURE:PBX) is pleased to announce that it has closed its private placement financing previously announced on August 10, 2010. The full private placement was oversubscribed such that the previously announced non brokered private placement of 1,500,000 Units at a price of Cdn. $0.20 per Unit for total gross proceeds of Cdn. $300,000 resulted in total gross proceeds of Cdn. $378,500 and the Company's issuance of a total of 1,892,500 Units. The Units are subject to a hold period of four months and one day from the date of issuance.

Each Unit consists of one common share of the Company and one-half of one share purchase warrant. Each whole warrant will entitle the holder to purchase a further common share at a price of $0.30 per share for a period of one year subject to an acceleration event, which shortens the exercise period to 30 days after the Company gives notice to the warrantholders that the Company's stock has traded for ten consecutive days at $0.40 or higher.

The Company paid total cash finder's fees of $3,000 in connection with the private placement.

The proceeds of the private placement will be used for continued exploration and working capital on its Copaquire copper molybdenum rhenium project located in Chile's copper molybdenum porphyry belt.

ON BEHALF OF THE BOARD OF DIRECTORS OF INTERNATIONAL PBX VENTURES LTD.

George Sookochoff, President & CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • International PBX Ventures Ltd.
    George Sookochoff
    President & CEO
    (604) 681-7748 or Toll Free: 1-877-681-1154
    (604) 681-0586 (FAX)
    www.internationalpbx.com