VANCOUVER, B.C.- International PBX Ventures Ltd. (the “Company”) (TSX.V:PBX) announces that, subject to TSX Venture Exchange approval, it will raise $600,000 by way of a non-brokered private placement of four million units at a price of $0.15 per unit. Each unit will consist of one common share and one-half of a warrant. One whole warrant entitles the holder to purchase one additional share at $0.25 per share for two years from the closing date of the private placement. The warrants are subject to an acceleration clause which is triggered when the Company’s shares trade at $0.35 or more for ten consecutive trading days. Upon the occurrence of such event, the Company reserves the right, at its discretion, to demand exercise of the warrants within a specified period of time, barring which the warrants will expire. The Company may pay finder’s fees in accordance with the policies of the TSX Venture Exchange in connection with the private placement.
Proceeds of the private placement will be used for general working capital.
The private placement previously announced on December 09, 2011 has been cancelled due to changes in market share price.