PROFILE RESOURCES INC.

PROFILE RESOURCES INC.

February 24, 2005 09:29 ET

Profile Resources Inc. Completes Private Placement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PROFILE RESOURCES INC.

TSX VENTURE SYMBOL: PFL

FEBRUARY 24, 2005 - 09:29 ET

Profile Resources Inc. Completes Private Placement

CALGARY, ALBERTA--(CCNMatthews - Feb. 24, 2005) - Profile Resources Inc.
(the "Corporation") (TSX VENTURE:PFL) is pleased to announce the TSX
Venture Exchange's final acceptance of, and the completion of its
previously announced private placement. Due to market activity, the
private placement was repriced and finalized as 1,954,545 common Units
at a price of $0.055 per Unit for aggregate proceeds of $107,500.00.
Each unit comprises one common share and one warrant. Each warrant
entitles the holder to purchase 1 common share at a price of $0.10 until
February 24th, 2007. The private placement was conducted only in Alberta
and Saskatchewan. All securities issued as part of this private
placement are under a 4 month hold period ending on June 24th, 2005.

As Profile carried out this private placement without an agent, no
commissions or fees are due to any party for this transaction, other
than Profile's own legal, auditing and regulatory filing expenses. There
will be no change to the board, or control of the corporation as a
result of this transaction.

Also on February 23rd, 2005, Profile, pursuant to its Stock Option Plan,
granted to 3 of its directors and to one consultant non-transferable
options to purchase an aggregate of 950,705 Common shares in its capital
stock, all of which shares will be reserved by Profile for issuance
until the options are exercised or expire. All these options are
exercisable by the holders at a price of $0.10 per share until February
22nd, 2010. The grant of these options is subject to acceptance by the
TSXVE. There are now outstanding options to purchase a total of
1,594,000 of Profile's shares, or 7.89% of its issued and outstanding
shares.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Profile Resources Inc.
    Thomas M.M. Bender
    President
    (403) 282-3111
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.