| ||Fri Apr 16, 2004|
Stealth Minerals Limited Announces Brokered Private Placement
| ||Stealth Minerals Limited (the "Corporation") has agreed to terms with Pacific International Securities Inc. ("PI") of Vancouver, B.C. for the private placement of up to 6,700,000 units of the Corporation at a price of $0.45 per unit, for proceeds of up to $3,015,000. The offering will be taken up primarily by a single institutional investor with a focus on the resource sector.|
Each unit will be comprised of one common share of the Corporation and one-half of one common share purchase warrant of the Corporation. Each whole warrant is exercisable into one additional common share of the Corporation at an exercise price of $0.65 per share for 24 months from the Closing Date.
PI will have a Greenshoe Option exercisable at any time prior to closing to increase the size of the offering by 670,000 units.
In connection with the private placement the Corporation will pay a commission equal to 8% of the gross proceeds payable in cash and/or units at the option of PI and issue Compensation Warrants to PI equal to 10% of the number of Units sold pursuant to the Offering. Each Compensation Option shall be exercisable to acquire one common share of the Corporation at an exercise price of $0.50 per share for a period of 18 months from the Closing Date.
The Corporation will use the proceeds from the private placement for the development of its 700+ square kilometer land position in the Toodoggone River Region in North Central BC adjacent to Northgate Exploration's Kemess Project (NGX-TSX).
Bradley L. Jones c.a.
Chairman of the Board & CFO
Phone 416 510 8397
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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