Icon Industries Limited

Icon Industries Limited

April 24, 2007 21:32 ET

Icon Industries Limited: Private Placement of Units at $0.90 for Gross Proceeds of $3,000,000

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 24, 2007) - Icon Industries Limited ("Icon" or the "Company") (TSX VENTURE:ICN) is pleased to announce that it will be conducting a non-brokered private placement of up to 3,333,333 units at a price of $0.90 per unit (a "Unit") to raise gross proceeds of up to $3,000,000. Each Unit will consist of one common share and one-half of a transferable share purchase warrant, each whole warrant entitling the holder to acquire one additional common share of the Company at a price of $1.25 per share for a period of 18 months from closing subject to the exercise term being accelerated on notice from the Company if the closing price of the Company's shares is $2.00 or greater for 10 consecutive trading days.

Finder's fees in accordance with TSX.V policies will be payable in conjunction with the financing and the common shares comprising the Units and the shares issuable on exercise of the warrants will be subject to a hold period for the four month period subsequent to the date of issue.

Proceeds will be used for general working capital and the advancement of the Company's Otish Basin claims in Quebec. The property comprises 85 contiguous claims which, subject to an NSR, the Company has the right to purchase 100% of along with an additional 7 claims of which Icon, under an option agreement, can earn up to 55% subject to an NSR. The claims lie 4 km west of Strateco Resources' Matoush property from which Strateco has recently released significant drilling results of 2.00% U3O8 over 16 meters (including and intersection of 4.05 over 3.55 meters) and 2.10% over 12.4 meters . The combined group of claims were explored for uranium in the 1970's as part of a regional program by Uranerz Exploration which conducted regional mapping, airborne radiometric and geochemical surveys. This work resulted in the discovering of a large uraniferous boulder field. Individual samples from this boulder field returned values of up to 0.91% U3O8.

On Behalf of the Board of Directors of Icon Industries Limited

T. Barry Coughlan, President

Certain matters discussed in this press release may contain forward-looking statements. Investors are cautioned that all statements, other than statement of historical fact, involve risks and uncertainties, including but not limited to: exploration and mining risks and financing risks. There can be no assurance that such statement will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Investors are encouraged to review Icon's fillings on SEDAR at www.sedar.com.

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

Contact Information

  • Icon Industries Limited
    T.R. Wilson
    Chief Financial Officer
    (604) 685-8666
    (604) 685-8677 (FAX)