Mill Bay Ventures Completes Private Placement
Mill Bay Ventures Completes Private Placement
VANCOUVER, BRITISH COLUMBIA, Nov. 9, 2010 (Marketwire) -- Mill Bay Ventures Inc. (the "Company") (TSX VENTURE:MBV)(PINK SHEETS:MLBVF)(FRANKFURT:M4K) is pleased to announce that it has closed a non-brokered private placement originally announced July 29, 2010, and subsequently amended on September 15, 2010, raising aggregate proceeds of $1,173,174.
Common Share Units:
The Company placed 2,188,000 common share units (the "Units") for gross proceeds totalling $437,600. Each Unit consists of one common share and one common share purchase warrant. Each warrant will allow the holder to purchase one additional common share in the Company for a period of two years at a price of $0.25 per share.
Flow Through Units:
The Company placed 3,343,516 flow-through units (the "FT Units") for gross proceeds totalling $735,574. Each FT Unit consists of one flow-through share and one non-flow through common share purchase warrant. Each warrant will allow the holder to purchase one common share in the Company for a period of two years at a price of $0.25 per share. The Company will incur and renounce qualifying Canadian Exploration Expenditures under the Income Tax Act (Canada) to purchasers of the flow-through common shares in an amount equal to the subscription price of such shares.
Net proceeds of the FT Units will be used to finance continued exploration on its Valentine Mountain property, located on Vancouver Island, British Columbia. The Company has recently completed 50% of the first phase of drilling on the property. Approximately 3,000 m of drilling has been completed and core logging, splitting and sample assaying is currently underway.
Net proceeds of the Units will be used for general working capital requirements. The Company will pay a commission and/or warrants of 10% to certain arms' length parties assisting in the completion of the private placement.
Mill Bay Ventures Inc. owns a 50% interest in the BRX gold claims at Bralorne and 100% interest in three sets of gold claims in Nevada, namely the NV claims, Golden Repeat claims and the E&E-DH claims. See website for details: www.millbayventures.com.
ON BEHALF OF THE BOARD
William Glasier, President
This release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
Shares issued: 6,605,025
Last Trading Price: $0.22
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the accuracy or adequacy of this release.
Mill Bay Ventures Inc. 604-682-3701 604-682-3600 (FAX) darrylg@shaw.ca www.millbayventures.com
Source: Marketwire Canada (November 9, 2010 - 12:45 PM EST)
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