Pro-Spect-Or Resources Inc.

Pro-Spect-Or Resources Inc.

October 25, 2006 15:06 ET

Pro-Spect-Or has Closed Private Placement

MONTREAL, QUEBEC--(CCNMatthews - Oct. 25, 2006) - Pro-Spect-Or Resources Inc. (TSX VENTURE:PSR) announces that it has closed the private placement previously announced on September 12, 2006. The placement is for a total amount of $300,000.

The private placement comprises 3,750,000 units priced at $0.08 per unit. Each unit consists of one share and one warrant. Each warrant will entitle the holder to purchase one common share at $0.11 within 2 years from the date of closing. The common shares and warrants comprising the units are subject to a hold period of 4 months following the closing date.

Funds from the private placement will be used to finance a review of our present concessions, search for new acquisitions and to pay amounts payable, including a claim of $40,000 which has been launched against the Corporation. Management considers that the Corporation has a very good defence to assert against these legal proceedings. Proceeds will also be used for general corporate purposes.

Shares outstanding: 17,533,265

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the information presented in this release.

Contact Information

  • Pro-Spect-Or Resources Inc.
    514-846-1435 (FAX)