Bonaventure Enterprises Inc.
TSX VENTURE : BVT
PINK SHEETS : BVTEF

November 29, 2007 16:26 ET

Bonaventure Closes $3,221,250 Private Placement and Certain Quebec Property Acquisitions

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 29, 2007) - Bonaventure Enterprises Inc. (TSX VENTURE:BVT)(PINK SHEETS:BVTEF) is pleased to announce that its non brokered private placement and certain of the Quebec property acquisitions announced in a News Release dated September 26, 2007, as amended November 15, 2007, were accepted for filing by the TSX Venture Exchange on November 27, 2007.

Private Placement Closing:

In accordance with the provisions of the Private Placement Subscription Agreements, on November 27, 2007 the Company issued a total of 8,053,125 Units at $0.40 per Unit (the "PP Units"), each PP Unit consisting of one common share and one-half (1/2) share purchase warrant, each whole warrant entitling the holder to purchase one (1) additional common share at a price of $0.65 per share, exercisable on or before May 26, 2009.

As finders' fee in connection with the private placement, the Company also issued a total of 220,000 shares at a deemed price of $0.40 per share, paid a $74,800 cash commission, and issued an Agent's Warrant entitling the holder to purchase 233,750 common shares at a price of $0.65 per share on or before May 26, 2009.

All of the private placement shares and any shares issued on exercise of the warrants (the "Securities") will be subject to a hold period under applicable Canadian securities laws expiring on March 28, 2008, and will be subject to such further restrictions on resale as may apply under applicable foreign securities laws.

Two of the Company's directors and/or officers have directly and indirectly subscribed for a total of 800,000 Units, and upon closing of this private placement, that related parties will therefore acquire an additional 800,000 shares in the capital stock of the Company which will increase their pro rata shareholdings in the Company (the "Related Party Transaction"). All of the independent directors of the Company, acting in good faith, have determined that the fair market value of the securities being issued and the consideration paid is reasonable and, with the value of the Related Party Transaction being less than 25% of the Company's market capitalization, is exempt from the formal valuation and minority shareholder approval requirements of the Ontario Securities Commission's Rule 61-501.

Net proceeds of $3,146,450 from the private placement will be used towards the acquisition of the Quebec Properties (see BVT News Releases dated September 26 and November 15, 2007), for exploration and development, and for general working capital.

Quebec Property Acquisition Closings:

As noted above, on November 27, 2007 the TSX Venture Exchange accepted for filing the following property acquisitions and finder's fees, and on November 29, 2007, the Company issued the following shares in accordance therewith:

K9 Property, Denys River, Quebec

The Company issued 4,000,000 common shares in accordance with a Property Purchase Agreement between BVT and Alain Champagne, pursuant to which BVT has acquired a 100% interests in the Denys River claims located in the James Bay area, Quebec. The Company also issued 331,966 common shares as a finder's fee in connection with this acquisition.

Wakeham Bassin Property, Quebec

The Company issued 500,000 common shares in accordance with a Property Purchase Agreement among BVT, Minorex Specialistes miniers Inc., Sugerhill Capital Inc., and Dresden Capital Inc., pursuant to which BVT has acquired a 100% interest in the Wakeham Bassin claims located in the lower north shore of Quebec. The Company also issued 90,000 common shares as a finder's fee in connection with this acquisition.

Lac St. Pierre (Timenquek) Property, Quebec

The Company issued 300,000 common shares in accordance with a Property Purchase Agreement between BVT and Exploration Miniere Manicouagan Inc., pursuant to which the Company has acquired a 100% interest in the Lac St. Pierre claims located in the Manicouagan area, Quebec. The Company also issued 31,600 common shares as a finder's fee in connection with this acquisition.

Moose Pastures Property, Quebec

The Company issued 1,350,000 common shares in accordance with a Property Purchase Agreement with Gemme Manicouagan Inc., pursuant to which the Company has acquired a 100% interest in the Moose Pasture claims located in the upper North Shore area, Quebec. The Company also issued 106,000 common shares as a
finder's fee in connection with this acquisition.

Baie-Comeau Property, Quebec

The Company issued 100,000 common shares in accordance with a Property Option Agreement with Fancamp Resources Inc. and Sheridan Platinum Group, pursuant to which BVT has been granted an option to acquire up to a 60% interest in certain mineral claims located in the Baie-Comeau area of Quebec. This is the first of four staged issuances of shares required to be made pursuant to this Property Option Agreement. The Company also issued 18,197 common shares as a finder's fee in connection with this acquisition.

All of the shares issued pursuant to the Quebec property agreements and finder's fees are subject to a hold period expiring on March 30, 2007.

The Monte Cristo and North Shore Syndicate Properties remain subject to acceptance by the TSX Venture Exchange. The Company will issue a further News Release upon receipt of such acceptance.

ON BEHALF OF THE BOARD OF DIRECTORS

Basil Pantages, Chair

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

Contact Information

  • Bonaventure Enterprises Inc.
    Basil Pantages
    Chair
    (604) 718-2800
    (604) 718-2808 (FAX)