Britannica Resources Corp.
TSX VENTURE : BRR
PINK SHEETS : BRRRF

Britannica Resources Corp.

December 29, 2006 09:52 ET

Britannica Resources Corp.: Final Closing of Financing

MALARTIC, QUEBEC--(CCNMatthews - Dec. 29, 2006) - Britannica Resources Corp. (TSX VENTURE:BRR)(PINK SHEETS:BRRRF) (www.britannicaresources.com) is pleased to announce the final closing of the original non-brokered financings announced on December 5, 2006 and increased on December 6, 2006. A partial closing was carried out and announced on December 19, 2006.

Britannica has closed the remaining 570,000 flow-through units for gross proceeds of $285,000. Each unit consists of one flow-through share and one-half of one common share purchase warrant, each warrant entitling the purchaser to purchase an additional one-half of one flow-through share at an exercise price of 60 cents for two years. There is a four month hold period for both these shares expiring April 30, 2007.

Previously, on December 19, 2006, the Company closed the non-flow-through portion of the financing, consisting of 2.85 million units at 40 cents per unit for total proceeds of $1.14-million. Each unit consists of one common share and one-half of one common share purchase warrant, each warrant entitling the purchaser to purchase an additional one-half of one common share at an exercise price of 50 cents for two years.

The Company also closed on December 19, 2006, 1,930,000 million flow-through units for gross proceeds of $965,000 from the non-brokered flow through private placement of up to 2.5 million flow-through units at 50 cents per unit for gross proceeds of $1.25-million. Each unit consists of one flow-through share and one-half of one common share purchase warrant, each warrant entitling the purchaser to purchase an additional one-half of one flow-through share at an exercise price of 60 cents for two years. There is a four month hold period for both these flow-through and non-flow through shares expiring on April 19, 2007.

The proceeds from the flow-through financing will be used for exploration on the Company's Quebec properties and for general working capital requirements from the non-flow financing.

ON BEHALF OF THE BOARD

Lee A. Balak, President

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