International PBX Ventures Ltd.
TSX VENTURE : PBX

International PBX Ventures Ltd.

October 27, 2011 18:24 ET

PBX Closes Private Placement Raising Gross Proceeds of $1,056,000

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 27, 2011) - International PBX Ventures Ltd. ("PBX" or the "Company") (TSX VENTURE:PBX) is pleased to announce that the Company has closed a non-brokered private placement previously announced on October 11, 2011. The private placement consists of 5,280,000 units at a price of $0.20 per unit raising gross proceeds of $1,056,000. Each unit consists of one common share and one-half of a warrant. One whole warrant entitles the holder to purchase one additional share at $0.30 per share for 24 months from the closing date of the private placement. The warrants are subject to an acceleration clause which is triggered when the Company's shares trade at $0.40 or more for ten consecutive trading days. Upon the occurrence of such event, the Company reserves the right, at its discretion, to demand exercise of the warrants within a specified period of time, barring which the warrants will expire. In connection with the private placement, finders' fees totaling $32,500 were paid. The Private Placement is subject to regulatory acceptance.

In accordance with securities legislation currently in effect, the securities issued will be subject to a "hold period" of four months plus one day from the date of closing.

The proceeds of the private placement will be used for the completion of the current phase of drilling and resource calculation on its Copaquire copper molybdenum rhenium project located in Chile.

ON BEHALF OF THE BOARD OF DIRECTORS OF INTERNATIONAL PBX VENTURES LTD.

George Sookochoff, President & CEO

We seek safe harbour.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • International PBX Ventures Ltd.
    George Sookochoff
    President & CEO
    (604) 681-7748 or Toll Free: 1-877-681-1154
    (604) 681-0568 (FAX)
    www.internationalpbx.com