| ||April 02, 2003|
Short Form Offering Of Units Through Bolder Investment Partners, Ltd.
| ||Manele Bay Ventures Inc. (the "Company") is pleased to announce that it has engaged Bolder Investment Partners, Ltd. ("Bolder") as its Agent to offer 1,500,000 Units of the Company on a commercially reasonable efforts basis. The Units will be offered to purchasers resident in British Columbia and Alberta under a Short Form Offering Document to be filed under TSX Venture Exchange Policy 4.6.|
The Units will be priced at $0.85 per Unit for total proceeds of $1,275,000 before commissions and selling expenses. Each Unit will be comprised of one common share of the Company and one-half of a non-transferable share purchase warrant (the "Warrants"). Each whole Warrant will entitle the holder to purchase one additional common share at a price of $1.00 per share for a period of one year from the completion of the Offering. Bolder will receive, among other things, a commission of 6% of the gross proceeds and will be issued 25,000 Units as a corporate finance fee. In addition, Bolder will be issued 125,000 broker warrants, each exercisable to purchase one common share of the Company at a price of $1.00 per share for one year.
Net proceeds of the Offering will be used to carry out Stage 1 of the exploration and development work program recommended for the Company's World Beater Gold Property located in Inyo County, California, and for working capital. The Offering is subject to regulatory approval and is expected to close in April 2003.
Manele Bay is a precious metals mining company whose strategy is to acquire a portfolio of resource properties that have indicated mineral resources and require further exploration or development work. Manele Bay will add value to these projects by providing capital, exploration expertise and where justified, development and production planning.
For more information contact Cameron White, Chairman, at 1-604-707-0373 or email@example.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or the adequacy of this press release.
You can return to the Top of this page