International KRL Resources Corp.

International KRL Resources Corp.

March 03, 2005 09:44 ET

International KRL Resources Corp. Arranges Private Placement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: INTERNATIONAL KRL RESOURCES CORP.

TSX VENTURE SYMBOL: IRK

MARCH 3, 2005 - 09:44 ET

International KRL Resources Corp. Arranges Private
Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 3, 2005) -
International KRL Resources Corp. (TSX VENTURE:IRK) (IRK) is pleased to
announce that it has engaged Pacific International Securities Inc (the
"Agent") as lead agent for the best efforts private placement of up to
5,000,000 flow through units at a price of $0.20 per flow through unit
(the "FT Units"), and up to 3,000,000 non-flow through units at a price
of $0.15 per non-flow through unit (the "Common Share Units"), for total
gross proceeds of up to $1,450,000.

Each FT Unit shall consist of: i) one flow-through common share; ii) one
half of one non-flow-through share purchase warrant, with each whole
such warrant exercisable into one common share of the Company for one
year from Closing Date at a price of $0.40; and iii) one half of one
non-flow-through share purchase warrant, with each whole such warrant
exercisable into one common share of the Company for two years from
Closing Date at a price of $0.80.

Each Common Share Unit shall consist of: i) one non flow-through common
share; ii) one half of one non-flow-through share purchase warrant, with
each whole such warrant exercisable into one common share of the Company
for one year from Closing Date at a price of $0.35; and iii) one half of
one non-flow-through share purchase warrant, with each whole such
warrant exercisable into one common share of the Company for two years
from Closing Date at a price of $0.75.

The share purchase warrants will be transferable. Flow-through funds
raised through the issuance of the FT Units will be renounced for the
2005 taxation year.

The Company has agreed to grant the Agent an over allotment option to
cover potential over subscription of the Brokered Offering up to 500,000
additional FT Units and up to 300,000 additional Common Share Units on
the same terms. As consideration for acting as Agent, the Company has
agreed to pay a commission of 8 percent of the total proceeds raised in
the Brokered Offering upon closing, payable in cash and or Common Share
Units or a combination thereof at the option of the Agent. In addition,
the Agent will receive Agent's options (the "Agent's Options")
representing 15 percent of the aggregate FT Units and Common Share Units
sold pursuant to the Brokered Offering. Each Agent's Option is
exercisable at a price of $0.20 per unit (an "Agent's Unit") for two
years. Each Agent's Unit will consist of one common share and one common
share purchase warrant, each such purchase warrant entitling the Agent
to acquire one additional common share of the company for a period of
two years, at a price of $0.40 per share during the first year, and at a
price of $0.80 during the second year. The Company will also pay the
Agent a Corporate Finance fee of $10,000 at Closing.

The private placement is subject to TSX Venture Exchange acceptance. All
securities issued pursuant to the Brokered Offering will be subject to a
four month hold period from the date of closing.

The proceeds from the flow-through portion of the financing will be used
on the Nor uranium enriched iron/oxide/copper/gold (IOCG) property. The
property is located on the east side of the Richardson Mountains, 65km
east of the Dempster Highway, north of Dawson City, Yukon Territory. The
Company plans to carry out an extensive exploration program on the Nor
Property target covering an area of 10km x 3km. The planned work program
includes an airborne magnetic, soil geochem, gravity, induced
polarization (IP) surveys and radiometrics. Proceeds from the non
flow-through portion of the financing will be used for working capital
and general exploration.

For more information on the Nor Property and International KRL Resources
Corp. please visit www.krl.net and the SEDAR and EDGAR websites.

ON BEHALF OF THE BOARD

Seamus Young, President

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.

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

WARNING: The Company relies upon litigation protection for
"forward-looking" statements.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    International KRL Resources Corp.
    Mr. Seamus Young
    President
    (604) 689-0299 or Toll Free in U.S.A. 1-800-665-3772
    (604) 689-0288 (FAX)
    info@krl.net
    www.krl.net
    The TSX Venture Exchange has neither approved nor disapproved the
    information contained herein.