Exile Resources Inc.

Exile Resources Inc.

November 01, 2005 15:37 ET

Exile Resources Announces $817,793 Flow-Through Financing

TORONTO, ONTARIO--(CCNMatthews - Nov. 1, 2005) - Exile Resources Inc. ("Exile") is pleased to announce that it has raised $817,793.70 pursuant to a flow-through financing. In connection with the financing, Exile issued 2,725,979 flow-through common shares of Exile at a price of $0.30 per flow-through common share. The financing closed in stages commencing on October 26, 2005 and ending on October 31, 2005. The common shares issued pursuant to the financing have a 4 month hold period from the date they were issued.

Secutor Capital Management Corporation ("Secutor") acted as agent in the offering and received a cash commission of 8% of the gross proceeds raised from the financing and such number of broker warrants as is equal to 8% of the total number of flow-through common shares sold pursuant to the offering. Each broker warrant will entitle Secutor to acquire one common share of Exile at a price of $0.30 for a period of 12 months.

Proceeds of the sale of the flow-through common shares are being used for exploration of the Corporation's Brazeau River Property and ongoing drilling.

Exile also wishes to announce that it has filed its final prospectus on October 25, 2005 and received receipt from the Ontario Securities Commission on October 26, 2005. Exile expects to close its initial public offering at a price of $0.20 per share in early November.

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

Contact Information

  • Exile Resources Inc.
    Graham Warren
    Director
    (416) 350-3500