SouthPoint Resources Ltd.

SouthPoint Resources Ltd.

January 03, 2005 15:56 ET

Southpoint Resources Ltd. Closes Private Placement of Flow-Through Shares


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: SOUTHPOINT RESOURCES LTD.

TSX VENTURE SYMBOL: SPR

JANUARY 3, 2005 - 15:56 ET

Southpoint Resources Ltd. Closes Private Placement of
Flow-Through Shares

CALGARY, ALBERTA--(CCNMatthews - Jan. 3, 2005) - Southpoint Resources
Ltd. (TSX VENTURE:SPR) ("Southpoint") has closed a previously announced
issue of 800,000 flow-through common shares at a price of $1.55 per
share for total gross proceeds of $1,240,000. The shares are subject to
a hold period and may not be traded until May 1, 2005, except as
permitted by applicable securities legislation and the rules of the TSX
Venture Exchange. Insiders participated for less than 10 percent of the
flow-through private placement. After closing this issue Southpoint has
22,577,404 common shares issued and outstanding.

Southpoint is a Canadian junior energy company engaged in the
exploration, development and production of crude oil and natural gas in
British Columbia and Alberta.

Issued and Outstanding Common Shares: 22,577,404

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Southpoint Resources Ltd.
    Jeremy Newton
    President
    (403) 514-8115 ext. 227
    or
    Southpoint Resources Ltd.
    Scott Ratushny
    Chairman
    (403) 514-8115 ext. 223
    or
    Southpoint Resources Ltd.
    Ken Frankiw
    V.P. Engineering
    (403) 514-8115 ext. 224
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.