Simberi Mining Corporation

Simberi Mining Corporation

October 11, 2006 13:07 ET

Simberi Mining Corporation Announces $2.0 Million Private Placement

TORONTO, ONTARIO--(CCNMatthews - Oct. 11, 2006) - Simberi Mining Corporation ("Simberi") (TSX VENTURE:SAU) is pleased to announce that it intends to complete a private placement for gross proceeds of up to $2.0 million.

The company intends to issue up to 20 million units at a price of $0.10 per unit. Each unit will consist of one common share and one-half common share purchase warrant. Each whole warrant will entitle the holder thereof to acquire one additional common share at an exercise price of $0.20 for a period of two years following the closing date.

The private placement is expected to close on or before October 20, 2006. The closing of the private placement is subject to, amongst other things, approval of the TSX Venture Exchange and completion of definitive documentation. All securities issued pursuant to the private placement will be subject to a four month hold period following the closing date.

About Simberi:

Simberi is a junior resource company focused on the exploration and acquisition of developed low cost precious and base metal projects internationally. The company's main exploration project is the Kakanda Project located in the DRC. Simberi is also involved in several joint venture projects in Western Australia. The company's objective is to aggressively explore the potential for investing in a number of precious and base metal properties with the aim to become a metal producer.

On behalf of the Board of Directors

"Michael Newbury", MICHAEL NEWBURY

This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". All dollar amounts are Canadian dollars unless otherwise noted.

Neither the TSX Venture Exchange, nor any other securities regulatory authority has approved or disapproved of the contents of this news release.

Contact Information

  • Simberi Mining Corporation
    Mike Newbury
    President and CEO
    (416) 603-7200
    (416) 603-9200 (FAX)