International PBX Ventures Ltd. Completes Non Brokered Private Placement
27.07.2012 | The Newswire
VANCOUVER, B.C. – International PBX Ventures Ltd. (the “Company”) (TSX.V:PBX) is pleased to announce that it has closed its private placement financing previously announced on June 22, 2012. The full private placement was oversubscribed such that the previously announced non brokered private placement of 7,500,000 Units at a price of Cdn. $0.08 per Unit for total gross proceeds of Cdn. 600,000 resulted in total gross proceeds of Cdn. $664,400 and the Company’s issuance of total 8,305,000 Units. The Units are subject to a hold period of four months and one day from the date of issuance.Each Unit will consist of one common share and one-half of a warrant. One whole warrant entitles the holder to purchase one additional share at Cdn. $0.12 per share for two years from the closing date of the private placement. The warrants are subject to an acceleration clause which is triggered when the Company’s shares trade at $0.20 or more for ten consecutive trading days. Upon the occurrence of such event, the Company reserves the right, at its discretion, to demand exercise of the warrants within a specified period of time, barring which the warrants will expire.
The Company paid total cash finder’s fee of $34,800 and issued 435,000 agent warrants exercisable at $0.12 per share.
The proceeds of the private placement will be used for general working capital.
ON BEHALF OF THE BOARD OF DIRECTORS OF INTERNATIONAL PBX VENTURES LTD.
“George Sookochoff”
George Sookochoff, CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for adequacy or accuracy of this press release.
International PBX Ventures Ltd. seeks safe harbor.