- 475 Howe Street
Vancouver, BC Canada V6C 2B3
TEL: (604) 681-7748 • FAX: (604) 681-0568
Canadian Venture Exchange Symbol: PBX
EMAIL: [email protected]
WEB SITE: www.internationalpbx.com
September 22 , 2005
BROKERED PRIVATE PLACEMENT TO RAISE $5 MILLION
The company is pleased to announce that it has entered into an agreement with Kingsdale Capital Markets Inc. and Kingsdale Capital Markets (USA) Inc. to raise $5 million at a unit price of $0.85, the unit consisting of a common share and a fifteen month half warrant. Two half warrants will be required to purchase a common share at a price of $1.05 for the first seven months and $1.30 for the following eight months. The financing will be completed by 30 October 2005 on a best efforts basis. A finder’s fee of 7 per cent will be paid on the unit issue with a 2.5 per cent fee on each warrant exercised subject to exchange approval. There is a four month hold on the unit.
The funds will be used for ongoing drilling of the company’s Chilean properties and general corporate purposes.
The company owns a portfolio of large prospective copper, molybdenum and gold exploration properties all located in Chile. The Copaquire copper-molybdenum property covers a large porphyry system nearby producing copper and molybdenum mines. An aggressive drill campaign is planned to further evaluate the extremely positive results obtained on recently completed drill programs.
BY ORDER OF THE BOARD
Vancouver office 604 681 7748
Bill Koble 604 329 3341
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
The company relies on “forward- looking” statement litigation protection.