Yorbeau Resources Inc.

Yorbeau Resources Inc.

December 23, 2010 08:34 ET

Yorbeau Closes Private Placement

MONTREAL, QUEBEC--(Marketwire - Dec. 23, 2010) - Yorbeau Resources Inc. ("Yorbeau")(TSX:YRB.A) is pleased to announce that the Company has closed a non-brokered private placement financing of $2.3 M. Under this financing, the Company issued a total of 11,008,094 units at a price of $0.21 per unit for gross proceeds of approximately $2,311,700. Each unit consists of one common share of the Company (a "Common Share") and one half of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder thereof to purchase one Common Share at a price of $0.35 for a period of 18 months, provided that if the closing price of the Common Shares on the Toronto Stock Exchange is equal to or greater than $0.45 for 20 consecutive trading days, the Company will be entitled to accelerate the expiry date of the Warrants to a date ending 30 days from the date notice of such acceleration is given to the warrantholders.

The Company has agreed to pay a finder's fee on certain subscriptions up to 8% of the gross proceeds raised and issue a number of warrants ("Finder's Warrants") up to 8% of the number of units sold. Each Finder's Warrant will be exercisable for one Common Share at a price of $0.35 per share and will expire 18 months following closing, subject to the same terms as the Warrants with respect to the acceleration of the expiry date.

Proceeds from the offering will be used primarily to fund the Company's exploration program which will commence in early January.

About Yorbeau Resources Inc.

The raison d'être of Yorbeau is to identify a world class gold deposit in a major mining camp. Against the backdrop of a market that is steadily more welcoming for gold, Yorbeau is poised to significantly increase the known gold resources on its properties in Northern Quebec.

Forward-looking statements:

Except for statement of historical fact, all statements in this news release, without limitation, regarding new projects, acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.

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