Exall Resources Limited
TSX : EXL

Exall Resources Limited

July 22, 2005 17:13 ET

Exall Completes Private Placement

TORONTO, ONTARIO--(CCNMatthews - July 22, 2005) - Exall Resources Limited ("Exall")(TSX:EXL) announced today that it closed a $100,000 financing through Limited Market Dealer Inc. to MineralField 2005 Super Flow-Through Limited Partnership. The financing consisted of flow-through units priced at $0.17 each (the "Flow-Through Units"), with each Flow-Through Unit consisting of one flow-through common share and one-half common share purchase warrant ("Warrant") with each full Warrant from the Flow-Through Units entitling the holder to purchase one additional common share of Exall for a period of 24 months following the Closing Date, at a price of $0.22 for the initial 12 months following the Closing Date, and at a price of $0.28 for the next 12 months thereafter. Limited Market Dealer Inc. was paid a cash finder's fee of 5% of the total proceeds raised and 10% non-transferable Broker Warrants, exercisable for common shares of Exall for a period of 24 months following the Closing Date, at a price of $0.22 for the initial 12 months following the Closing Date, and at a price of $0.28 for the next 12 months thereafter. The securities issued under the private placement are subject to a four-month resale restriction and the entire placement is subject to final Toronto Stock Exchange approval.

The gross proceeds from the financing will be applied to finance the drilling program at the Bruce Channel on the Gold Eagle Mine Property in Red Lake, Ontario. Cochenour style "Balmer assemblage" geology has been encountered during the current drill program. See Press Release dated June 27, 2005.

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 currently 56.9 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
    www.exall.com