Exall Resources Limited
TSX : EXL

Exall Resources Limited

September 14, 2005 10:44 ET

Exall Announces $1,000,000 Non-Brokered Private Placement

TORONTO, ONTARIO--(CCNMatthews - Sept. 14, 2005) - Exall Resources Limited ("Exall" or the "Corporation") (EXL:TSX) announced today that it has agreed to a $1,000,000 non-brokered Private Placement. The Private Placement consists of units of the Corporation ("Units"), with each Unit priced at $0.40, and comprised of one common share and one-half of one common share purchase warrant, with each whole warrant exercisable at $0.50 for a period of 12 months to acquire an additional common share of Exall. The securities issued under the financing are subject to a four-month resale restriction.

The investors are current shareholders of the Corporation who were unable to participate in the previously completed "Bought Deal" for $4,000,000.

The gross proceeds from the financing will be applied to finance the drilling program at the Gold Eagle Mine Property in Red Lake, Ontario (See Press Release dated August 29, 2005) and to finance oil and gas activities and to provide general working capital.

Exall Resources Limited is a Toronto Stock Exchange listed company that trades under the symbol EXL (S.E.C. registration #82-3535). Exall is active in its business of gold exploration and development in Red Lake, Ontario, as well as oil and gas exploration, development and production from its properties in Alberta, British Columbia and Texas.

There are 66.9 million common shares issued and outstanding.

FORWARD LOOKING STATEMENTS:

The statements made in this News Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.

Contact Information

  • Exall Resources Limited
    Stephen G. Roman
    Chairman, President and CEO
    (416) 368-3949
    (416) 368-5146 (FAX)
    www.exall.com