By Sheri Kasprzak
New York, Jan. 9 - International PBX Ventures Ltd. said it intends to raise up to C$1.8 million in a private placement.
The offering includes up to 4 million units at C$0.45 each.
The units are comprised of one share and one warrant. The warrants are exercisable at C$0.60 each for 15 months.
The proceeds from the non-brokered deal will be used for drilling and exploration as well as for working capital.
Based in Vancouver, B.C., International PBX is a mineral exploration company.
| Issuer: | International PBX Ventures Ltd.
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| Issue: | Units of one share and one warrant
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| Amount: | C$1.8 million (maximum)
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| Units: | 4 million (maximum)
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| Price: | C$0.45
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| Warrants: | One warrant per unit
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| Warrant expiration: | 15 months
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| Warrant strike price: | C$0.60
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| Placement agent: | Non-brokered
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| Pricing date: | Jan. 9
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| Stock price: | C$0.47 at close Jan. 9
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