YSV Ventures Inc.

November 02, 2005 09:54 ET

YSV Ventures Inc. Completes Private Placement

TORONTO, CANADA--(CCNMatthews - Nov. 2, 2005) - YSV Ventures Inc. ("YSV") (NEX:XSV.H) is pleased to announce that it has completed a private placement financing. YSV raised aggregate cash gross proceeds of $100,000 through the issuance of 1,000,000 common shares at a price of $0.10 per common share. The issued shares consisted of 800,000 flow-through shares and 200,000 non-flow-through shares issued for aggregate gross proceeds of $80,000 and $20,000, respectively. Furthermore, YSV has issued an additional 619,840 common shares in exchange for the cancellation of $61,984 of debt. All common shares will be subject to a hold period of four months from the date of issue of the common shares. The hold period for the common shares will expire on March 1, 2006.

YSV intends to use the proceeds of the private placement for working capital purposes, to source and potentially acquire interests in exploration projects and for administrative and operating expenses.

YSV also announces several changes to its board of directors and management. The board of directors is now composed of the following individuals: Howard Coates, Richard Rivet, Peter George, Alpha Pang and Michael Newbury. In addition, Julian Fosbery has been appointed as the company's Chief Financial Officer.

Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe YSV's future plans, objectives or goals, including words to the effect that YSV or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

Contact Information

  • YSV Ventures Inc.
    Michael Newbury
    (416) 703-5435
    (416) 703-1897 (FAX)