April 23 , 2007
International PBX Ventures Ltd. (the “Company”) announces that it has closed, in two tranches, a private placement of 14,641,000 units (the Units") at a price of $0.50 per Unit, for total proceeds of $7,320,500. Each Unit consists of one common share of the Company and one non-transferable share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase a further common share at a price of $0.75 per share for a period of two years. The first tranche consists of 13,500,000 Units, 12,000,000 of which were purchased by Sprott Asset Management Inc. of Toronto. All of the shares and any shares issued on the exercise of Warrants by the placees in the first tranche will be subject to a hold period that will expire on August 4, 2007. The second tranche consists of 1,141,000 Units. All of the shares and any shares issued on exercise of the Warrants by the placees in the second tranche will be subject to a hold period expiring August 19, 2007.
The Company paid Canaccord Capital Corporation a cash commission of $20,000 based on 5% of total proceeds raised by Canaccord Capital Corporation.
The proceeds of the private placement will be used for general working capital purposes and for drilling and exploration of the Company’s properties.
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.