Pro-Spect-Or Resources Inc.

Pro-Spect-Or Resources Inc.

October 13, 2006 16:47 ET

Pro-Spect-Or to Proceed With Private Placement

MONTREAL, QUEBEC--(CCNMatthews - Oct. 13, 2006) - Pro-Spect-Or Resources Inc. (TSX VENTURE:PSR) will proceed with private placement agreements for a maximum amount of $300,000. The private placement will comprise a maximum of 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. The placement is subject to regulatory approval.

Funds from the private placement will be used to finance a review of our present concession, search for new acquisition and general corporate purposes.

Shares outstanding: 13,054,142

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

Contact Information

  • Source: Pro-Spect-Or Resources Inc.
    514-846 3271
    514-846-1435 (FAX)