SOURCE: Raytec Development Corp.

November 14, 2007 17:49 ET

Raytec Closes Financing With Canaccord Capital Corporation

VANCOUVER, BC--(Marketwire - November 14, 2007) - Raytec Development Corp. (the "Company") (TSX-V: RAY) (FRANKFURT: XZT) is pleased to announce that further to its news releases dated April 20, 2007 and September 17, 2007, it has closed its brokered private placement with Canaccord Capital Corporation ("Canaccord").

The brokered private placement with Canaccord consists of 909,090 units ("Canaccord Units") of the Company at a price of $0.55 per Canaccord Unit for total gross proceeds of $500,000. Each Canaccord Unit consists of one common share and one non-transferable share purchase warrant exercisable for a period of two years into one additional common share at a price of $0.85 per share.

Canaccord received a cash commission of $45,000, an administration fee of $25,000 and $10,477 in expenses and costs. In addition, Canaccord also received a non-transferable share purchase warrant entitling it to purchase up to 81,818 common shares of the Company for a period of two years at a price of $0.55 per share.

All securities issued pursuant to this private placement have hold periods expiring March 14, 2008.

The proceeds from this private placement will be used for the exploration of the Company's Saskatchewan uranium properties and for general working capital. These private placements proceeds and the proceeds from the private placement with the MineralFields Group, which was announced on October 17, 2007, will fulfill the TSX Venture Exchange financing requirements to close the Company's Change of Business.

Raytec Development Corp. is a Canadian based mineral exploration and development company with current properties in the Key Lake area of the Athabasca Basin, Saskatchewan, Canada. The Company is seeking to develop their Key Lake uranium property, and is aggressively seeking other opportunities in similarly high-profile areas for energy related commodities, precious and base metal projects.

On behalf of the Board,

RAYTEC DEVELOPMENT CORP.

"Casey Forward"
CFO

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Cautionary note: This report may contain forward-looking statements, particularly those regarding cash flow, capital expenditures and investment plans. Resource estimates, unless specifically noted, are considered speculative. The company has filed a National Instrument 43-101 report on the Key Lake properties. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward-looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.

Contact Information

  • RAYTEC DEVELOPMENT CORP.
    #200-551 Howe Street
    Vancouver, BC V6C 2C2
    Tel: (604) 683-8610
    Fax: (604) 683-4499