Avery Resources Inc.

Avery Resources Inc.

August 04, 2005 14:53 ET

Avery Resources Announces Closing of Offering

CALGARY, ALBERTA--(CCNMatthews - Aug. 4, 2005) - Avery Resources Inc. ("Avery") (TSX VENTURE:ARY) announces that it has completed an offering of 4,063,000 units ("Units") at $0.25 per Unit pursuant to a private placement (see news release of June 21, 2005 and news release of July 14, 2005 amending the terms), raising gross proceeds of $1,015,750. Each Unit consists of one common share and one-half common share purchase warrant. Each warrant shall entitle the holder thereof to acquire one additional common share at a price of $0.50 per common share for a period expiring 24 months from the date on which the warrant is issued, subject to earlier expiration in certain circumstances where the common shares trade at a price of $0.65 per share on the TSX Venture Exchange. The Units are subject to restrictions on resale for a period of four months from the closing date.

The net proceeds of the offering will be used to enable Avery to fund ongoing exploration expenditures on the Corporation's exploration projects in Australia and the U.K.

Avery Resources is an international junior oil and gas exploration company based in Calgary, Alberta that trades on the TSX Venture Exchange under the symbol "ARY." The company is committed to growing shareholder value through international acquisitions and exploration. Avery's primary interest is in expanding exploration projects in oil and gas basins located in countries that provide significant exploration upside coupled with favourable fiscal and legal systems.

Forward looking statements: Except for statements of historical fact, all statements in this press release, without limitation, regarding new projects, acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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