Drake Pacific Enterprises Ltd.

Drake Pacific Enterprises Ltd.

October 24, 2005 09:30 ET

Drake Pacific Enterprises Ltd.: $100,000 Private Placement

CALGARY, ALBERTA--(CCNMatthews - Oct. 24, 2005) - Drake Pacific Enterprises Ltd. (TSX VENTURE:DPE) has arranged a non-brokered private placement of 400,000 units at $0.25 per unit for total proceeds of $100,000. Each unit consists of one common share of Drake and one non-transferable share purchase warrant. Each warrant will entitle the holder to acquire one additional common share of the company at a price of $0.31 for a period of one year. The common shares issued pursuant to the private placement will be subject to a four-month hold period.

No commission or finder's fee will be paid in connection with the private placement. The proceeds from the private placement will be added to working capital.

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

Contact Information

  • Drake Pacific Enterprises Ltd.
    Roger J. Penner
    (403) 263-2173
    Drake Pacific Enterprises Ltd.
    400, 505 - 8th Avenue S.W.
    Calgary, Alberta T2P 1G2
    (403) 263-2173
    (403) 263-8254 (FAX)