International PBX Ventures Extends Non Brokered Private Placement
#209 – 475 Howe St., Vancouver, B.C. Canada V6C 2B3 Tel: (604) 681-7748 Toll Free: 1-877-681-1154 Fax: (604) 681-0586 Web: www.internationalpbx.com
NEWS RELEASE
International PBX Ventures Extends Non Brokered Private Placement
February 17, 2012
VANCOUVER, B.C. – International PBX Ventures Ltd. (the "Company") (TSX.V:PBX) is pleased to announce that, subject to TSX Venture Exchange approval, it has decided to extend its non-brokered private placement of units originally announced on January 24, 2012. 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 25 cents 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 35 cents or more for 10 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.
On February 8, 2012, the Company closed the full private placement plus oversubscriptions, as announced in the February 8, 2012 news release. Because of interest and the need for additional working capital, the Company decided to extend the placement to raise further gross proceeds of up to $112,500 for a total of 750,000 units on the terms noted above. The Company intends to close the extended placement as a second tranche.
The Company may pay finder’s fees in cash and/or warrants in accordance with the policies of the TSX Venture Exchange.
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, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.