209
- 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
May 20 , 2005
NON-BROKERED PRIVATE PLACEMENT TO RAISE $675,000
The company announces that, subject to regulatory approval, it is arranging a non-brokered private placement of up to 1,500,000 units at a price of $0.45 per unit for total proceeds of up to $675,000. 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 $0.60 per share for a period of eight months. The proceeds of the private placement will be used for general working capital purposes and for drilling and exploration of the company’s properties.
A finder’s fee in cash or shares may be payable on a portion of the placement in accordance with regulatory policies.
BY ORDER OF THE BOARD
Gary Medford, Ph.D. P.Geo.
Robert A Young and Associates 604-682-5123
Investor Relations 1-877-626-2121
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.
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