Anaconda Mining Inc (ANX)

[goupnow]

Cloudbreak closes 8.15-million-unit financing


2009-05-01 15:18 ET - News Release

Mr. Richard Macey reports

CLOUDBREAK RESOURCES LTD. CLOSES PRIVATE PLACEMENT

Cloudbreak Resources Ltd. has completed the private placement of 3,375,000 units and 4.78-million flow-through units previously announced in Stockwatch March 26. Each unit was sold at a price of five cents and consisted of one common share and one non-transferable share purchase warrant. Each share purchase warrant entitles the holder thereof to purchase one additional common share for two years from the date of issuance at a price of 7.5 cents per common share in the first year and at a price of 10 cents per common share in the second year.

Finders' fees consisting of 715,500 broker warrants and $35,775 in cash were paid in accordance with the policies of the TSX Venture Exchange. Each broker warrant will entitle the holder to purchase one common share of the company for a period of two years from the date of issuance at a price of 7.5 cents per common share in the first year and at a price of 10 cents per common share in the second year. The common shares and share purchase warrants issued as part of the private placement, including common shares issued upon exercise of the share purchase warrants and the broker's warrants issued for the finder's fee, are subject to a hold period until Aug. 31, 2009.

The proceeds of this private placement will be used by the company for general working capital and for further development of the company's Canadian properties.