Planet Exploration Inc.

Planet Exploration Inc.

August 23, 2010 16:00 ET

Planet Exploration Announces Financing

CALGARY, ALBERTA--(Marketwire - Aug. 23, 2010) - Planet Exploration Inc. ("Planet") (TSX VENTURE:PXI) announces a non-brokered private placement of up to $1,200,000 (the "Private Placement").

Pursuant to the Private Placement, which is subject to regulatory acceptance by the TSX Venture Exchange, Planet intends to issue, pursuant to applicable exemptions from registration and prospectus requirements of Canadian securities laws, up to 10,000,000 units ("Units") at a price of Cdn. $0.12 per Unit, each Unit comprising one (1) common share of Planet and one (1) common share purchase warrant (a "Warrant"). Each Warrant shall be exercisable into an additional common share of Planet for a period of twenty-four months from the date of issuance of the Warrant, at an exercise price of $0.25. No insiders of Planet will be participating in the Private Placement.

The gross proceeds from this private placement will be used for the investigation of additional natural resource opportunities, as well as for general corporate purposes.

All securities issued pursuant to this private placement will be subject to a four-month hold period, commencing at closing.

Planet is a minerals exploration company based in Calgary, Canada, with the Red Lake area being the current focus of our attention. The Planet /Goldcorp joint venture owns 100% of the Sidace Lake property, 60% Goldcorp and 40% Planet.


No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including future plans and objectives of Planet, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Planet's expectations are the inherent exploration risks detailed from time to time in the filings made by Planet with securities regulators. Except as required by securities law, Planet assumes no obligation to update 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 of accuracy of this news release.

Contact Information