International PBX Ventures Ltd.
TSX VENTURE : PBX

International PBX Ventures Ltd.

November 30, 2010 03:46 ET

PBX Closes Private Placement with Jintian Copper

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 30, 2010) - International PBX Ventures Ltd. ("PBX" or the "Company") (TSX VENTURE:PBX) is pleased to announce that further to its news release of October 26, 2010 the Company has now completed a non-brokered private placement of CAD$3,800,000 with a subscription of 15,200,000 Units at a price of CAD$0.25 per Unit. The private placement was oversubscribed by CAD$1,300,000.

The initial amount of CAD$2,500,000 was fully subscribed by Ningbo Jintian Copper (Group) Co., Ltd. ("Jintian Copper") through its wholly-owned subsidiary HongKong Maytime International Industry Limited.

Jintian Copper is the largest copper processing company in China and is ranked in the top 500 of China's largest companies, as well as the 10 biggest Chinese non-ferrous processing companies. Jintian Copper occupies an area of 133 hectares with more than 5,000 employees and total assets exceeding US$752 million. Jintian consumes 400,000 metric tons of copper per year from the recovery of copper scrap, copper smelting, construction materials, non-ferrous trade, etc. in turn producing finished products such as copper wire, copper tubing and copper plates. In 2009, Jintian had sales of US$3.2 billion.

"I am extremely pleased to have the largest copper processing company in China express such a strong level of confidence in the overall potential of PBX's copper projects in Chile by participating in our private placement," said President & CEO, George Sookochoff.

The Units are subject to a hold period of four months and one day from the date of closing. Each Unit consists of one common share of the Company and one-half of one share purchase warrant. Each whole warrant is exercisable to purchase an additional common share for a period of two years after closing at an exercise price of $0.35 if exercised during the first year and at a price of $0.45 if exercised during the second year.

The Company has the right to force the exercise of the warrants at any time, if the shares trade at a price of CAD$0.45 for 10 consecutive trading days ("the "Acceleration Event"). The warrants will expire on the earlier of the expiry date and 4:30 p.m. (Vancouver time) on the date which is 30 calendar days after the Company provides notice to the warrant holders that the Acceleration Event has occurred, provided that such notice cannot be given until the four months hold period of the Units has expired.

The Company paid total cash finder's fees of $125,000 in connection with the private placement.

The proceeds of the private placement will be used for the planned drill program and airborne geophysics (NR Oct. 18, 2010) on the Company's Copaquire copper molybdenum rhenium project in Chile. The drill program will focus on recently identified Titan deep penetration IP targets (NR Sept. 15, 2010).

The Company also intends to fly airborne geophysics over its 100% owned Tierra de Oro, Sierra Pintada, Palo Negro and Hornitos copper gold projects located in the prolific IOCG belt of Chile.

About International PBX Ventures Ltd

PBX is a junior exploration company with several copper, molybdenum and gold projects in Chile. The Company has recently completed a positive preliminary assessment by AMEC Mining and Metals S.A. on its 100% owned flagship Copaquire Copper Molybdenum project located in Chile's prolific copper porphyry belt. This copper rich belt hosts some of the largest copper mines and contains the highest concentration of copper in the world. For more information, please visit the Company's website: www.internationalpbx.com

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

George Sookochoff, President & CEO

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 / Toll Free: 1-877-681-1154
    (604) 681-0568 (FAX)
    www.internationalpbx.com