Planet Exploration (fka PXI.V)

[Tackler]

PXI financing

Press Release Source: Planet Exploration Inc.


Planet Arranges $5,040,000 Bought Deal Financing
Tuesday November 4, 12:56 pm ET


(TSX-VEN: PXI)
CALGARY, Nov. 4 /CNW/ - Planet Exploration Inc. (TSX-VEN: PXI) has agreed to sell 3,600,000 units on a bought-deal basis for gross proceeds of $5,040,000.
The units will be sold at a price of $1.40 per unit and each unit comprises one common share and one non-transferable common share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of $2.00 for 24 months from closing. If at any time after six months the trading price of the company's shares close at a price equal to, or higher than, $3 per share for a consecutive period of 20 trading days, the Company will be entitled to force conversion of the warrants.

Haywood Securities will act as underwriter and will be entitled to receive a 6-per-cent cash commission and compensation options equal to 5-per-cent of the number of units sold in the offering, entitling Haywood to subscribe for units at a price of $1.40 per unit exercisable for 24 months from closing. All of the securities will be subject to a four-month hold period in Canada following closing.

Net proceeds will be used to finance exploration on the Company's assets, including the Sidace Lake gold project in Ontario, the Company's Mongolian and Mexican mineral properties and for general working capital purposes. The private placement is subject to acceptance for filing by the TSX Venture Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to buy and of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.

Planet is a junior mineral exploration company with active gold projects in Canada (Sidace Lake being funded by Goldcorp Inc.), Mongolia and Mexico.


Ranjeet Sundher
President
[phone]


The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information

Email: [e-mail], Website: www.planetexploration.info
European Investor Relations: Nick Fuller/Samantha Fletcher, N C Fuller Associates Ltd, Tel: [phone], Email: [e-mail]