Beaufield Closes $4,162,900 Financing.OTTAWA -- Beaufield Consolidated Resources Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:BFD BFD Big Freakin' Deal (polite form) BFD Bidirectional Forwarding Detection (IP networking) BFD Binary File Descriptor (computer programming) )(the "Company") is pleased to announce that it has completed its $4,000,000 brokered private placement financing (the "Offering") with First Associates Investments Inc. ("First Associates") as previously announced on March 28 and April 20, 2005. The Offering was oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. with the Company raising gross proceeds of $4,162,900 through the issuance of 2,318,000 "flow-through" common shares (the "Flow-Through Shares") at a price of $0.30 per Flow-Through Share and 13,870,000 units (the "Units") at a price of $0.25 per Unit; each Unit consisting of one "non-flow-through" common share (a "Common Share") and 1/2 of one non-transferable share purchase warrant (each whole warrant a "Warrant"). Each Warrant entitles the holder thereof to purchase an additional common share (a "Warrant Share") at a price of $0.34 per share on or before November 10, 2006. The Flow-Through Shares, the Common Shares and the Warrant Shares, if any, are subject to a four month hold period expiring ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. on September 12, 2005.Directors and officers of the Company purchased a total of 200,000 Flow-Through Shares and 900,000 Units of the Company under the Offering. In consideration for its efforts, the Company has paid to First Associates a cash commission of $333,032 representing 8% of the gross proceeds raised, a corporate finance fee of $25,000 and an agent's option to purchase up to 1,295,040 common shares of the Company at a price of $0.25 per share on or before May 11, 2007. With the proceeds of the Offering the Company is now in a strong financial position to advance its high quality mineral exploration projects. Noranda Inc. has presented a cash call for $284,000 to start the summer program of joint exploration on the Troilus base metal project. This work will begin immediately.Work on the Company's Opinaca gold project which adjoins the Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). Eleonore gold discovery will continue immediately after breakup breakup The division of a company into separate parts. The most famous breakup to date was the 1984 division of AT&T (formerly, American Telephone & Telegraph Company). This breakup was intended to increase competition in the communications industry. in early June. Geophysics geophysics, study of the structure, composition, and dynamic changes of the earth, its atmosphere, hydrosphere and magnetosphere, based on the principles of physics. from the winter program on the Opinaca property is being interpreted. The Company wishes to extend its thanks and appreciation to First Associates for its efforts in raising the Offering. Jens E. Hansen - President Beaufield Consolidated Resources Inc. 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. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Beaufield Consolidated Resources Inc. (TSX VENTURE:BFD) |
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