Long View Resources Corporation

Long View Resources Corporation

June 01, 2005 18:39 ET

Long View Resources Corporation Closes $2,001,000 Bought Deal

CALGARY, ALBERTA--(CCNMatthews - June 1, 2005) - The Board of Directors of Long View Resources Corporation (TSX VENTURE:LRC) ("Long View" or the "Corporation"), are pleased to announce that it has closed the previously announced Bought Deal Share Issue with Bolder Investment Partners ("Underwriter") for total proceeds of $2,001,000. The private placement consisted of units and flow-through shares announced in the press release dated May 16, 2005. The Corporation issued a total of 2,860,000 units for gross proceeds of $1,001,000 and 2,500,000 common shares issued on a flow-through basis for gross proceeds of $1,000,000. Each Unit consisted of one Common Share and one-half Common Share purchase warrant, at a price of $0.35 per Unit. Each whole warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.50 per share until May 31, 2006. The flow-through shares were issued at $0.40 per share. The Company received net proceeds of $1,819520 after paying the commissions and expenses of the Underwriter. In addition to commissions, the Underwriter received broker warrants to purchase 200,000 shares at a price of $0.40 per share, on or before May 31, 2006 and additional broker warrants to purchase 228,800 common shares at a price of $0.35 per share on or before May 31, 2006. All shares and warrants are subject to a four month hold period expiring on September 30, 2005.

In addition to the Bought Deal, the Corporation is also pleased to announce that Hesperian Capital Management on behalf of the Norrep Group of Funds have exercised 2,500,000 warrants at $0.40 per share for total proceeds to the Corporation of $1,000,000.

About Long View

Long View Resources Corporation is a TSX Venture Exchange-listed public junior energy company with producing assets in Southeastern Saskatchewan. Long View trades under the symbol "LRC".

Shares Outstanding - 21,827,010

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

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