Strongbow Exploration Inc.
TSX VENTURE : SBW

Strongbow Exploration Inc.

June 05, 2008 17:08 ET

Strongbow Raises $3.501 Million in Brokered Flow Through Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 5, 2008) -

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

Strongbow Exploration Inc. (TSX VENTURE:SBW) is pleased to announce the closing of a brokered private placement through a syndicate led by Canaccord Capital Corporation and including Haywood Securities Inc. (collectively, the "Agents") of 8,752,500 flow through units of the Company at a price of $0.40 per flow through unit for gross proceeds of $3,501,000. This amount includes 1,252,500 flow-through units placed under an over-allotment option granted to the Agents for gross proceeds of $501,000 (please see Strongbow new release #08-08 dated May 14, 2008). Each flow through unit (a "FT Unit") consisted of one flow through share (a "FT Share") and one-half of one common share purchase warrant (each whole such purchase warrant being a "Warrant"). Each Warrant is transferable and can be exercised into one common share at a price of $0.45 until June 5, 2009.

Today's closing of the brokered private placement is in addition to a non-brokered private placement for gross proceeds of $300,000 that closed on May 15, 2008 (please see Strongbow news release #08-09 dated May 16, 2008). The net proceeds from the private placement financings will be used to fund exploration of Strongbow's Snowbird nickel project properties, including the Nickel King property, and its other Canadian mineral properties.

The Company has paid the Agents a cash commission of 7% of the gross proceeds from the sale of the FT Units sold upon closing and has issued to the Agent's 612,675 Agents' warrants. Each Agent's warrant is exercisable to acquire one common share of the Company at $0.40 per share until June 5, 2009. As additional compensation the Agents were paid a corporate finance fee of 125,000 units with each unit consisting of one non flow through common share plus one half of a share purchase warrant (each whole such purchase warrant being a "Corporate Finance Warrant"). Each Corporate Finance Warrant has the same terms as the Warrants.

All of the FT Shares, non-flow through shares, Warrants, Agent's warrants, and corporate finance warrants and all common shares issuable on the exercise of the Warrants, Agent's warrants and Corporate Finance Warrants are subject to a four month hold period expiring October 6, 2008.

Eira Thomas, a director of Strongbow, acquired 100,000 FT Units as a subscriber under the private placement.

STRONGBOW EXPLORATION INC.

Kenneth A. Armstrong, President and CEO

The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy of this release.

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