VANCOUVER, BRITISH COLUMBIA, Apr 23, 2010– International PBX Ventures Ltd. (the “Company”) (TSX V: PBX) is pleased to announce that it closed its second tranche of 2,417,500 units for total proceeds of $483,500. The full private placement was oversubscribed such that the previously announced non-brokered private placement of 7,000,000 Units at a price of Cdn$0.20 per Unit for total gross proceeds of Cdn$1,400,000 resulted in total gross proceeds of Cdn$1,515,500 and the issuance of a total of 7,577,500 Units.
The Company announced its private placement of 7,000,000 Units at a price of $0.20 per Unit on February 22, 2010. The private placement closed in two tranches – April 15, 2010 and April 23, 2010.
Each Unit consists of one common share of the Company and one-half of one share purchase warrant. Each whole warrant will entitle the holder to purchase a further common share at a price of $0.30 per share for a period of one year subject to an acceleration event, which shortens the period to 30 days after the Company’s stock has traded ten consecutive days at $0.40 or higher.
The Units issued under the second tranche have a four month hold period which ends on August 24, 2010.
The Company paid total cash finder’s fees of $2,550 in connection with the both tranches of the private placement.
ON BEHALF OF THE BOARD OF DIRECTORS OF INTERNATIONAL PBX VENTURES LTD. George Sookochoff, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
