Gold Exploration in West Africa

[FL]

Adamus to raise $3.01-million (Australian)

[ Note: Adamus trades on the Sydney ASX; it also seems to be listed as "ADU" on the Toronto Venture Exchange, but on the TSX webpage http://www.tsx.com I see no history of ADU trades, or asks, just some bids. Adamus has gold properties in southwestern Ghana. FL ]

2005-06-13 22:39 ET - News Release
Mr. Hamish Halliday reports

PRIVATE PLACEMENT TO NORTH AMERICAN AND AUSTRALIAN INVESTORS

Adamus Resources Ltd. has committed to concurrent private placements in North America and Australia (the offerings), to raise gross proceeds of up to approximately $3,015,000 (Australian) through the issue of up to 6.7 million ordinary shares in the capital of the company at a price of 45 cents per ordinary share.

The net proceeds of the offerings will be used primarily to advance exploration and development activities within the company's Southern Ashanti gold project.

The private placement in North America consists of up to 5.8 million ordinary shares in the capital of the company to be issued to accredited investors in Canada and accredited investors in the United States at a price of 45 Australian cents per ordinary share, for gross proceeds to the company of up to $2.61-million (Australian).

Adamus has also committed to concurrent private placements in Australia, which consist of up to 900,000 ordinary shares in the capital of the company at a price of 45 Australian cents per ordinary share, for gross proceeds to the company of up to $405,000 (Australian).

The North American shares will be issued pursuant to prospectus exemptions in certain provinces in Canada and registration and prospectus exemptions in the United States. The Australian shares will be issued pursuant to prospectus exemptions in Australia. The offerings are expected to close on or about June 24, 2005, and are subject to regulatory approval, including the approval of the TSX Venture Exchange. The shares issued to North American subscribers will be subject to a four-month hold period.
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