International KRL Resources Corp.
TSX VENTURE : IRK

International KRL Resources Corp.

August 03, 2005 15:13 ET

International KRL Resources Corp.: Completion of Private Placements

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 3, 2005) - International KRL Resources Corp. (the "Company") (TSX VENTURE:IRK) is pleased to report the closing of a previously announced brokered private placement conducted through Pacific International Securities Inc. (the "Agent"), as disclosed in a news release issued on June 21, 2005. The Company closed on the sale of 650,000 non-flow-through units at $0.20 per unit (a "Unit"), and 1,250,000 flow-through units at a price of $0.25 per flow-through unit (an "FT Unit"), and received gross proceeds of $442,500.

Each Unit consists of one non-flow-through common share and one transferable warrant, each such warrant entitling the holder to purchase one non-flow-through common share for 12 months at $0.30 per share. Each FT Unit consists of one flow-through common share and one transferable warrant, each such warrant entitling the holder to purchase one non-flow-through common share for 24 months at $0.50 per share.

The Company issued 19,470 Units to the Agent as partial payment of the total commission of 8% of the gross proceeds, and also issued to the Agent an option to purchase up to 190,000 units at a price of $0.25 per unit for two years (the "Agent's Units"). Each Agent's Unit consists of one common share and one non-transferable warrant exercisable for two years at $0.50 per share.

The Company also announced closing of the sale of an additional 2,075,000 non-flow through units at a price of $0.20 per unit, on a non-brokered basis, for proceeds of $415,000. Each non-flow-through unit consists of one non-flow-through common share and one non-transferable warrant, each such warrant entitling the holder to purchase one non-flow-through common share for 12 months at $0.30 per share.

The proceeds from the sale of the FT Units will be used for exploration of the Company's Canadian mineral properties. The net proceeds from the sale of the Units and the non-flow-through units will be used for working capital and for general exploration. All securities are subject to a four month hold period commencing from the date of closing.

ON BEHALF OF THE BOARD

Seamus Young, President

This news release does not constitute an offer to sell or a solicitation of an offer to sell 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 registration is available.

The TSX Venture Exchange has neither approved or disapproved the information contained herein.

Contact Information

  • International KRL Resources Corp.
    Mr. Seamus Young
    President
    (604) 689-0288 or Toll Free in USA: 1 (800) 665-3772
    info@krl.net
    www.krl.net