Bryant Resources Inc.

October 10, 2008 15:42 ET

Bryant Resources Inc. Announces Closing of Initial Public Offering

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 10, 2008) -

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Bryant Resources Inc. ("Bryant" or the "Corporation") (CNQ:BYR) is pleased to announce that it has completed its initial public offering for gross proceeds to the Corporation of $242,500 (the "Offering").

Haywood Securities Inc. acted as agent for the Offering and received $2,975 in commissions and $14,700 (including GST) as a corporate finance fee. The Offering was fully subscribed and a total of 2,425,000 common shares in the capital of the Corporation were issued at a price of $0.10 per share pursuant to a prospectus of the Corporation dated August 14, 2008. The Corporation has 3,570,001 common shares issued and outstanding after completion of the Offering.

Bryant will begin trading on the Canadian Trading and Quotation System Inc. ("CNQ") under the symbol "BYR", effective Tuesday, October 14, 2008.

The Corporation's common shares will not be RRSP or RESP eligible until such time as there are 150 non-insider shareholders each holding shares with a market value of $500. The Corporation intends to file an election with the Canada Revenue Agency to qualify its common shares if this requirement is met and will issue another press release at that time.

John G. Proust, President and Director of the Corporation, has purchased 900,000 common shares of the Offering, all of which will be subject to the terms of a pooling agreement. 90,000 of these common shares will be released from the pooling agreement on the date the Corporation's shares are listed for trading on the CNQ. Mr. Proust's remaining 810,000 common shares will be released after the closing of a "fundamental change" as that term is defined in the CNQ policies. If a "fundamental change" does not occur within 24 months from the listing of the Corporation's common shares on the CNQ, the 810,000 common shares will be subject to automatic timed releases over a period of 5 years.

In accordance with Multilateral Instrument 62-104, John Proust is required to file a report with the British Columbia Securities Commission. The acquisition of the 900,000 common shares of the Corporation pursuant to the Offering together with 220,001 common shares that he previously acquired represent approximately 31.37% of the issued and outstanding common shares of the Corporation, after the Offering.

Mr. Proust has informed the Corporation that the securities acquired will be held for investment purposes. Mr. Proust may, depending on market and other conditions, increase or decrease his beneficial ownership of the Corporation's securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.

The Corporation has an option to acquire an 80% interest in 72 mineral claims and 20 placer claims (known as the "Carp Property") in the Cariboo and Omineca Mining Divisions of British Columbia which are subject to a 2% NSR. The Corporation is currently executing a $100,000 work program on the Carp Property. The Corporation intends to engage in the acquisition, exploration and development of mineral resource projects including properties hosting base metals and precious metals or other business opportunities in which the Corporation may acquire an interest whether by option, joint venture or otherwise, in addition to or as an alternative to its properties.

In accordance with Multilateral Instrument 62-104, which also requires a report to be filed with the British Columbia Securities Commission, Peter Snucins of Scarborough, Ontario acquired 1,000,000 common shares of the Corporation pursuant to the Offering. The 1,000,000 common shares acquired represents approximately 28% of the issued and outstanding common shares of the Corporation, after the Offering.

Mr. Snucins has informed the Corporation that the securities acquired will be held for investment purposes. Mr. Snucins may, depending on market and other conditions, increase or decrease his beneficial ownership of the Corporation's securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.

On Behalf of the Board of Bryant Resources Inc.

John Proust, President and CEO

Further information on the Corporation is available at www.sedar.com.

Forward Looking Statements: This news release contains certain forward looking information concerning the business of the Corporation. These forward looking statements are based on the opinions of management at the date the statements are made and are based on assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events to differ materially from those projected in forward looking statements. These risks are further described in the Corporation's prospectus dated August 14, 2008, which is available at www.sedar.com.

The Corporation is under no obligation to updated forward looking statements if circumstances or management's opinions should change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward looking statements.

The CNQ does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Bryant Resources Inc.
    John G. Proust
    CEO
    (604) 696-9020
    (604) 488-0319 (FAX)