Bard Ventures Ltd.
TSX VENTURE : CBS

Bard Ventures Ltd.

March 26, 2007 14:16 ET

Bard Announces $2,950,000 Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 26, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR VIA U.S. NEWSWIRE SERVICES.

Bard Ventures Ltd. ("Bard" or the "Company") (TSX VENTURE:CBS) is pleased to announce that it has entered into a letter agreement with Canaccord Capital Corporation (the "Agent"), to offer 9 million units of the Company (the "Offering"). The Offering consists of 5,000,000 flow-through units at $0.35 per unit (the "FT Units") and 4,000,000 non flow-through units at $0.30 per unit (the "NFT Units"), for gross proceeds of approximately $2,950,000. In addition, the Agent may solicit subscriptions for additional proceeds of $2,000,000 by offering any combination of up to 60% FT Units and a minimum of 40% NFT Units. The Agent will advise of the exercise of the over-allotment option 48 hours prior to closing of the Offering.

Each NFT Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at an exercise price of $0.40 per common share for 24 months from the date of closing (the "Warrants").

Each FT Unit consists of one flow-through common share and one-half of one Warrant. If over a period of 20 consecutive trading days between the date that is 4 months following the closing of the Offering and the expiry of the Warrants, the daily volume weighted average trading price of the common shares on the TSX Venture Exchange exceeds $0.60 on each of those 20 consecutive days, the Company may, within 30 days of such an occurrence, give written notice to the holders of the Warrants attached to the FT Units, that the Warrants will expire at 4:00 p.m. (Vancouver Time) on the 30th day following the giving of notice unless exercised by the holders prior to such date.

The Company shall pay to the Agent, 8% of the gross proceeds raised, payable in cash or in Units (having the same terms as the NFT Units) at the election of the Agent, and Agent's Warrants equal to 10% of the securities sold under the Offering. Each Agent's Warrant shall be exercisable for a period of 24 months from the date of closing at a price of $0.35 per share. The Agent shall also receive a fee of 125,000 Units (having the same terms as the NFT Units).

The Company plans to use the net proceeds of this financing for increased exploration in Canada, with specific focus on its Lone Pine Property in Northern BC (see News Release dated March 2, 2007), property acquisitions and general corporate purposes. The flow-through funds raised from the issuance of the FT Units will be used for exploration expenditures, which will constitute Canadian exploration expenses (as defined in the Income Tax Act) and will be renounced for the 2007 taxation year.

The Offering is scheduled to close on or about April 30, 2007, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.

On behalf of:

Bard Ventures Ltd.

Eugene Beukman, President

This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.

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

Contact Information

  • Bard Ventures Ltd.
    Eugene Beukman
    President
    (604) 687-2038
    (604) 687-3141 (FAX)
    Website: www.bardventures.com