RAB Special Situations (fka RAB)

[Tackler]

Stealth raises $500,000 with RAB Special Situations

2004-07-13 17:36 ET - News Release

Mr. Neil Warrender reports

RAB Special Situations LP has subscribed for a total of 1.25 million units of Stealth Ventures Ltd., at a price of 40 cents per unit. Each unit consists of one common share and one-half of a share purchase warrant in the capital of the company. Each warrant entitles Special Situations to subscribe for one additional share for a period of one year from the closing, at a price of 50 cents per share. The transaction took place off the market by way of private placement.

As part of the private placement, Special Situations acquired 1.25 million units (representing approximately 15.85 per cent of the issued and outstanding shares of the company on a partially diluted basis (assuming exercise of its warrants). Special Situations has ownership of and control over the securities purchased in the private placement.

Immediately after the private placement, Special Situations owned 1.25 million shares and 625,000 warrants representing approximately 15.85 per cent of the issued and outstanding shares of the company on a partially diluted basis.

Special Situations purchased units for investment purposes only and not with the purpose of influencing the control or direction of the company. Special Situations and/or its joint actors, if any, may, subject to market conditions, make additional investments in or dispositions of securities of the company in the future, including additional purchases of shares. Special Situations and/or its joint actors, if any, do not, however, intend to cquire 20 per cent of any class of the outstanding voting securities of the company.