Beartooth Platinum Closes $500,000 Private Placement.TORONTO -- Beartooth Platinum Corporation (TSXV:BTP (Business Transaction Protocol) An XML-based protocol from OASIS that adds the type of validation to transactions in a Web services environment that are normally performed by the two-phase commit within an enterprise. ) is pleased to report that it has received approval from the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. , and has closed the non-brokered private placement of $500,000 with Valencia Ventures Inc. ("Valencia") announced on August 24, 2004. Under the terms of the private placement, Valencia has purchased 2,500,000 Units of Beartooth Platinum Corp. at a price of $0.20 per Unit for gross proceeds of $500,000. Each Unit will consist of one Common Share and one-half of one Common Share purchase warrant ("Warrant"). Each whole Warrant will entitle Valencia to acquire one Common Share for a period of two years from the date of issuance at a price of $0.25. The common shares and warrants to be issued to Valencia are subject to a four month hold period which expires on December 28, 2004. Proceeds from the private placement will be used by Beartooth for exploration and general corporate purposes. The Company has also granted Valencia an option to earn a 51% interest in its Idaho Gold Projects. In order to earn the 51% interest, Valencia is required to incur exploration expenditures of $500,000 on the Idaho Gold Projects within two years. In the event that Valencia spends less than $250,000 in the first year of exploration, no interest is vested in the property. Beartooth Platinum Corporation is a Platinum Group The platinum group (alternatively, the platinum group metals or platinum metals) is a collective name sometimes used for six metallic elements clustered together in the periodic table. Metals and Gold exploration company that has secured a large land position with advanced exploration targets in two important mineral districts in the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century and is well positioned for responsible mineral development. Additional information about the Company and its properties is available on the Company's website at www.beartoothplatinum.com. Statements in this release that are not historical facts are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the U.S. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements". THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Beartooth Platinum Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:BTP) |
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