News Release: 2011-04-25
THIS NEWS RELEASE IS NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE U.S.
Otterburn Ventures Inc. Announces Increase in Non-Brokered Private Placement up to $6.25 million
VANCOUVER, BRITISH COLUMBIA, April 25, 2011 - Otterburn Ventures Inc. (CNSX:OTB) (the "Company") is pleased to announce that the Company has increased its previously announced non-brokered private placement (news release as of March 31, 2011) from $5,000,000 to $6,250,000. If the private placement is fully subscribed for, the Company will issue 13,888,888 units at a price of $0.45 per unit, for gross proceeds of up to $6,250,000 (the "Offering"). Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant entitles the holder thereof to purchase one additional common share of the Company at a price of $0.65 per share for a period of two (2) years from the closing date of the private placement.
The units will be made available by way of private placement exemptions in Canada and may be offered in other jurisdictions where they can be issued on a private placement basis, exempt from any prospectus, registration or other similar requirements.
The Offering is subject to a number of conditions including receipt of all necessary corporate and regulatory approvals, including the approval of the Canadian National Stock Exchange. The Company may pay a finder's fee on the Offering in cash, warrants, or a combination thereof.
All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities law legislation.
Assuming completion of the Offering, the net proceeds will be used for asset acquisition investigations, acquisitions, mineral exploration and for general working capital.
About Otterburn Ventures Inc.
Otterburn is a British Columbia based mineral exploration company in the business of exploring and potentially developing precious metal deposits.
On behalf of the board of directors of Otterburn Ventures Inc.
Peter Hughes, CEO and Director
Otterburn Ventures Inc.
For further information, please contact Peter Hughes by phone at 604-802-7372 or by email at email@example.com.
The forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. By its very nature, such forward-looking information requires the Company to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information. The Canadian National Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.