Probe Resources Ltd.
TSX VENTURE : PBR

Probe Resources Ltd.

November 21, 2007 13:51 ET

Probe Resources Ltd.: Closing of Non-Brokered Private Placement and Resignation of Director

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 21, 2007) -

NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Probe Resources Ltd. (the "Company") (TSX VENTURE:PBR) announces that further to its news release of August 31, 2007, it has completed the non-brokered private placement (the "Private Placement") consisting of 4,200,000 units (the "Units") at a price of $0.50 per Unit, for gross proceeds of $2,100,000. Each Unit consists of one common share of the Company (the "Shares") and one share purchase warrant (the "Warrants"). Each Warrant entitles the holder thereof to purchase one Share for a one-year period expiring November 16, 2008 at an exercise price of $0.60 per Share. The Company has issued a total of 98,350 Units and paid $52,500 in cash as finders' fees.

All Shares issued pursuant to the Private Placement together with any Shares issuable on the exercise of the Warrants are subject to a hold period expiring on March 17, 2008.

The proceeds of the financing will be used to complete the acquisition of the High Island Block, fund the costs of the flow-line for the High Island Block 115 and for general working capital.

In addition, the Company wishes to advise that William Diston has resigned as a director of the Company effective November 12, 2007.

BY ORDER OF THE BOARD

Bruce Ganer, Director

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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

Contact Information

  • Probe Resources Ltd.
    Bruce Ganer
    Director
    (604) 638-1255
    (604) 638-1265 (FAX)