International KRL Resources Corp.
TSX VENTURE : IRK

International KRL Resources Corp.

December 22, 2006 17:25 ET

International KRL Resources Completes Flow-Through Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 22, 2006) - International KRL Resources Corp. (the "Company") (TSX VENTURE:IRK) today announced the completion of a private placement consisting of 6,754,083 flow-through units ("Units") at a price of $0.265 per Unit for proceeds of $1,789,832. Each Unit consists of one flow-through common share in the capital of the Company and one-quarter of one share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to purchase one non-flow-through common share at $0.365 per share for 12 months. A portion of the FT Units (3,773,583 Units) were sold through the MineralFields Group.

The Company paid compensation in connection with the financing consisting of: a $40,612 cash finder's fee; issued 143,420 units (same terms as the Units except non-flow-through shares) as a finder's fee; a $20,000 due diligence fee; and issued 641,558 warrants which entitle the holders to purchase one non-flow-through common share at $0.365 per share for 12 months. The proceeds from the sale of the Units will be used to incur qualifying expenses on the Company's Canadian mineral properties.

International KRL Resources Corp. is a mineral exploration company engaged in the acquisition, exploration and advancement of Canadian mineral properties. The Company is currently exploring for uranium, copper, and gold in the Yukon Territory, Saskatchewan, Ontario and British Columbia. For more information on the properties and International KRL Resources Corp. please visit www.krl.net, www.sedar.com and www.sec.gov websites.

On Behalf of the Board

Seamus Young, President and CEO

Statements contained in this news release that are not historical facts are forward-looking statements, which are subject to a number of known and unknown risks, uncertainness and other factors that may cause the actual results to differ materially from those anticipated in our forward looking statements. Although we believe that the expectations in our forward looking statements are reasonable, actual results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.

The TSX Venture Exchange has neither approved nor disapproved the information contained herein.

Contact Information

  • International KRL Resources Corp.
    Seamus Young
    President and CEO
    (604) 689-0299 x 223
    (604) 689-0288 (FAX)
    Email: syoung@krl.net
    Website: www.krl.net