Drake Pacific Enterprises Ltd.

Drake Pacific Enterprises Ltd.

November 17, 2005 16:32 ET

Drake Pacific Enterprises Ltd.: CDN $500,000 Private Placement

CALGARY, ALBERTA--(CCNMatthews - Nov. 17, 2005) - Drake Pacific Enterprises Ltd. (TSX VENTURE:DPE) is offering a non-brokered, flow-through private placement of one million units at a price of fifty cents ($0.50) per unit. Each unit consists of one common, flow-through share of Drake and one non-transferable share purchase warrant. Two warrants will entitle the holder to acquire one additional common, equity share of the company at a price of sixty cents ($0.60) 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