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

Britannica Resources Corp.

October 19, 2005 13:45 ET

Britannica Resources Corp.: Private Placement Announced

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 19, 2005) - Britannica Resources Corp. (the "Company) (TSX VENTURE:BRR)(PINK SHEETS:BRRF) has arranged a non-brokered private placement of up to 4 million non-flow-through units at a price of $0.15 per NFT unit for gross proceeds of $600,000.

Each NFT unit will consist of one common share and one share purchase warrant exercisable into an additional common share at a price of $0.25 for 12 months from closing of the private placement.

If the closing price for the company's shares is $0.50 or greater for a period of 10 consecutive trading days, then the holders of the warrants will have 30 days to exercise their warrants, otherwise their warrants will expire. The 30-day period will commence seven calendar days after the 10th premium trading day.

The company has granted a finder's fee equal to 7.5% of the gross proceeds to be taken in units and in the case of a registrant will include 7.5% of the placement as agent's warrants exercisable at $0.25 for a period of one year. Bolder Investment Partners, Ltd. is the registrant.

The proceeds for the financing will be used for the proposed acquisition as announced in the Company's press release dated September 28, 2005 and to fund general working capital requirements.

ON BEHALF OF THE BOARD

Lee A. Balak, President


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

Contact Information

  • Britannica Resources Corp.
    Lee A. Balak
    President
    (604) 662-3004 ext. 114
    (604) 662-3063 (FAX)