Ringbolt Ventures Ltd.
TSX VENTURE : RBV
FRANKFURT : 3OZ

Ringbolt Ventures Ltd.

June 16, 2008 19:44 ET

Ringbolt Announces $20 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 16, 2008) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Ringbolt Ventures Ltd. ("Ringbolt") (TSX VENTURE:RBV)(FRANKFURT:3OZ) is pleased to announce that it has entered into an agreement with Wellington West Capital Markets Inc.(the "Agents") to complete a private placement financing, on a best-efforts agency basis, of 14,500,000 units of Ringbolt (each a "Unit") at a price of $1.40 per Unit for gross proceeds of up to C$20,300,000 (the "Offering"). Each Unit will consist of one common share and one half of one common share purchase warrant. Each full warrant is exercisable to purchase one common share at a price of $1.90 for a period of 12 months from the date of the closing of the Offering.

Ringbolt has also granted the Agents an option to purchase up to an additional 7,000,000 Units at the issue price for additional gross proceeds of up to C$9,800,000. The option is exercisable at any time up to 48 hours prior to the closing of the Offering.

The net proceeds from the Offering will be used for exploration and development of Ringbolt's potash property located in Utah and for working capital purposes. The Offering is scheduled to close on or about July 15, 2008 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals to the transaction (including the approval of the TSX Venture Exchange).

The securities being offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States in the absence of registration or an applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to purchase securities in the United States.

RINGBOLT VENTURES LTD.

On behalf of the Board of Directors

Jason Walsh, Director

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this News Release.

Contact Information

  • Ringbolt Ventures Ltd.
    Jason Walsh
    Director
    (604) 682-1643
    (604) 682-1666 (FAX)