International Barytex Resources Ltd.

International Barytex Resources Ltd.

March 13, 2008 09:00 ET

International Barytex Announces Non-Brokered Private Placement of Up to $5.25 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 13, 2008) -


International Barytex Resources Ltd. (the "Company") (TSX VENTURE:IBX) announces that it intends to complete a non-brokered private placement of up to 7,000,000 units at a price of $0.75 per unit for gross proceeds to the Company of up to $5.25 million. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share for a period of 24 months from the date of issuance at a price of $1.25 during the first 12 months and $1.50 during the second 12 months. The warrants will be subject to acceleration in the event the trading price of the shares of the Company closes at or above $1.40 per share for 20 consecutive trading days at any time after four months and during the first year after the closing of the private placement, or, at or above $2.00 per share during the second year after the closing of the private placement.

The Company intends to use the net proceeds of the offering to complete the Feasibility Study on the Company's Shituru copper project in the Democratic Republic of Congo, for working capital and for other general corporate purposes.

In connection with the offering, the Company may pay a finders fee of up to 7% payable in cash or units.

The offering is subject to receipt of all necessary corporate and regulatory approvals, including the acceptance of the TSX Venture Exchange. The shares and warrants issued in the offering will be subject to a four-month "hold period" under applicable securities legislation.

Certain insiders of the Company may participate in the offering. The offering may close before 21 days following the filing of the material change report respecting this announcement if management determines it is necessary or desirable for sound business reasons.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any units within the United States. The units have not been offered and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws. Accordingly, the units may not be offered or sold in the United States or to U.S. persons (as such terms are defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws or an exemption from such registration is available.

On behalf of the Board of Directors


Leo King, President and Director

Forward Looking Statements: Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to the completion of transactions, the timing and amount of issuances of securities and the uses of proceeds. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the ability to complete contemplated transactions and share issuances and the uses of proceeds.

The TSX Venture Exchange does not accept responsibility for the adequacy of this release.

Contact Information

  • International Barytex Resources Ltd.
    Leo King
    (604) 688-9368
    International Barytex Resources Ltd.
    Sam Yik
    Chief Financial Officer
    (604) 688-9368
    (604) 688-9336 (FAX)