International Samuel Exploration Corp. Announces $750,000 Non-Brokered Private Placement
8th Floor, 700 West Georgia Street Vancouver, British Columbia V7Y 1G6 Tel: (604) 718-5454; Fax: (604) 646-2054
[email protected]; www.internationalsamuel.com
NEWS RELEASE
International Samuel Exploration Corp. Announces $750,000 Non-Brokered Private Placement
April 26, 2011 - International Samuel Exploration Corp. (the “Company”) has arranged a non-brokered flow-through private placement Unit Offering (“FT Units”) of 3,000,000 FT Units, raising gross proceeds of $600,000. Each FT Unit, priced at $0.20 per each FT Unit, is comprised of one common share of the Company, intended to qualify as a flow-through share under the Income Tax Act (Canada), and one-half of one non-transferable common share purchase warrant exercisable to acquire one-half of one non-flowthrough (“NFT”) common share at a price of $0.30 per share for a period of one year from the closing date of the FT Unit Offering.
In addition, the Company has arranged a non-brokered non-flow-through private placement Unit Offering (the “NFT Units”) of 1,000,000 NFT Units, raising gross proceeds of $150,000. Each NFT Unit will be comprised of one common share of the Company at a subscription price of $0.15 per common share and one non-transferable share purchase warrant entitling the holder thereof to purchase one additional common share of the Company at an exercise price of $0.30 per share for a one year period from the closing date of the NFT Unit Offering.
Each warrant will be subject to accelerated expiry provisions such that if at any time after the date of closing of the private placement, the company’s common shares trade on the TSX Venture Exchange at or above a weighted average trading price of $0.50 per share for 10 consecutive trading days, the company may give notice to the holders that each warrant will expire 30 days from the date of providing such notice.
Finder’s fees may be payable.
The foregoing is subject to regulatory approval.
The proceeds of this private placement will be used for the purpose of carrying out the exploration programs on the Company’s British Columbia properties and for general working capital.
ON BEHALF OF THE BOARD OF DIRECTORS
Conrad Swanson, President
For further information, please contact: [email protected]
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.