West Vancouver, British Columbia – June 19, 2007 – Columbia Yukon Explorations Inc. (the “Company”) is pleased to announce that, further to its news releases dated June 5 and June 13, 2007, it has closed a non-brokered flow through private placement. The Company has raised $3,000,000 by the issuance of 1,500,000 flow through units (the “FT Units”) to one institutional investor at a price of $2.00 per FT Unit. Each FT Unit consists of one flow through common share and one common share purchase warrant, with each warrant entitling the holder to purchase an additional non-flow through common share at a price of $3.00 for a period of two years from the closing date. In connection with the private placement, finders’ fees were paid consisting of $150,000 and 75,000 finders’ warrants. Each finder’s warrant will entitle the holder to purchase one additional common share for a period of one year at an exercise price of $2.10. All of the securities issued pursuant to the private placement are subject to a hold period expiring on October 19, 2007.
The proceeds from this private placement will be used for exploration and development of the Company’s “Storie” molybdenum property located in northern British Columbia. The Storie property lies south of the former Cassiar Mine townsite and is accessible by paved highway to Cassiar and then 5 kilometres of all weather gravel road. As recently announced (see news release dated June 11, 2007), for 2007 the Company intends to proceed with a 30,000 to 40,000 metre core drilling program to further define and potentially expand the known historical resource and to provide additional confirmation of the resource with infill drilling and to test the potential increase of the size of resource with exploration along strike and in parallel targets.
John Kowalchuk, P.Geo., has reviewed this release and is the Qualified Person for the Company’s Storie molybdenum property project.
For further information, contact Mr. Clive Shallow, investor communications, at 604-922-2030 or visit the Company’s website at www.columbiayukon.com.
Columbia Yukon Explorations Inc.
“Douglas L. Mason”
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Douglas L. Mason, Chairman
The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this release. |
