March 28, 2007
International PBX Ventures Ltd. (the “Company”) announces that it has closed a private placement of 3,885,000 units at a price of $0.45 per unit, for total proceeds of $1,748,250. Each unit will consist of one common share of the Company and one non-transferable share purchase warrant. Each warrant will entitle the holder to purchase a further common share at a price of $0.55 per share for a period of 2 years. The 3,885,000 shares and shares issued on the exercise of warrants by the placees will be subject to a hold period that will expire on July 29, 2007.
The Company paid a finders fee of $135,000 to Eugene Sekora.The proceeds of the private placement will be used for a drilling program on the Company's properties and general working capital.
ON BEHALF OF THE BOARD OF DIRECTORS OF
INTERNATIONAL PBX VENTURES LTD.
Gary Medford, Ph.D., P.Geo.
PRESIDENT AND CEO
Office: 604 681 7748
Toll Free: 1 877 681 1154
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.