Phoenician Holdings Corp.
TSX VENTURE : PX.P

November 10, 2005 13:00 ET

Phoenician Holdings Corp. Announces Private Placement

TORONTO, ONTARIO--(CCNMatthews - Nov. 10, 2005) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES NOR FOR DESSIMINATION IN THE UNITED STATES

Phoenician Holdings Corp. (the "Corporation") (TSX VENTURE:PX.P) is pleased to announce a private placement on a "best efforts" basis of up to 5,000,000 units (the "Units"), subject to regulatory approval. Credifinance Securities Limited and Pope & Company are acting as co-lead agents (collectively the "Agents").

Each Unit will be priced at $0.55 and will consist of one common share (the "Shares") and one-half of one common share purchase warrant (the "Warrants") of the Corporation. Each whole Warrant shall be exercisable to acquire one common share at an exercise price of $0.75 for a period of 12 months from closing.

In consideration for their services, the Agents will receive a cash commission of 8.0% of the gross proceeds from the sale of the Units and will be issued compensation options to purchase Units equal to 8.0% of the number of Units sold.

Phoenician, as a capital pool corporation ("CPC"), entered into a letter of agreement with Asia Now Resources Limited ("ANR"), a private mineral exploration company, to complete a business combination (the "Qualifying Transaction"). When completed, Phoenician will become the resulting issuer and its primary assets will consist of ANR's four exploration properties in the provinces of Yunnan and Hebei in China (the "ANR Gold Projects"). For more information, please see the comprehensive news release describing the Qualifying Transaction, dated September 2, 2005.

The proceeds from the Unit offering will be used for the further exploration of the ANR Gold Projects. The additional funds allow Phoenician to meet the Exchange's minimum listing requirements and satisfy the conditional approval of the Corporation's Qualifying Transaction as defined in Policy 2.4 of the TSX Venture Exchange.


The TSX Venture Exchange has not reviewed and does not accept responsibility for this news release.

Contact Information

  • Phoenician Holdings Corp.
    Edwin Lee
    Director
    (416) 358-8181
    or
    Asia Now Resources Limited
    Christina Staples
    Corporate Secretary
    (416) 364-7281