International PBX Ventures Ltd.
TSX VENTURE : PBX

International PBX Ventures Ltd.

February 22, 2010 08:57 ET

PBX Announces Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 22, 2010) - International PBX Ventures Ltd. (the "Company") (TSX VENTURE:PBX) announces that, subject to TSX Venture Exchange approval, it will raise $1,400,000 by way of a non-brokered private placement of seven million units at a price of $0.20 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 $0.30 per share for one year 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 $0.40 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.

The proceeds of the private placement will be used to carry out a Phase II infill drill program on the Sulfato South mineralized copper zone of the Copaquire copper molybdenum rhenium project located in Chile's copper molybdenum porphyry belt. The Sulfato South zone is located immediately adjacent the Cerro Moly zone for which the Company recently announced a resource update and subsequent positive Preliminary Assessment (see news release Dec. 17, 2009). The drill program is designed to generate additional copper resources which will be included in a future updated Preliminary Assessment. Several drill holes will also test blue-sky copper mineralization in other strategic areas of the Copaquire copper porphyry.

View Map: http://www.internationalpbx.com

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

George Sookochoff, President & CEO

This document contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectation implied by these forward looking statements.

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) 681-0568 (FAX)
    www.internationalpbx.com