| | May 18, 2006
$500,000 Brokered Private Placement
Bard Ventures Ltd. ("Bard" or the "Company") is pleased to announce that it has arranged a brokered private placement through Canaccord Capital Corporation (the "Agent") of up to 416,666 Units at $1.20 per Unit. Each Unit consists of seven (7) Flow-through shares (the "FT Shares") and three (3) Non Flow-through Units (the "Non FT Units"). Each Non FT Unit consists of one common share and one transferable share purchase warrant. Each share purchase warrant entitles the holder thereof to purchase one additional common share of the Company for a term of 18 months from the date of closing at a price of $0.15 per common share.
Upon closing of the private placement, the Agent will be paid a cash commission equal to 7.5% of the gross proceeds sold by the Agent. The Company has also agreed to issue to the Agent, share purchase warrants (the "Agent's Warrants") to acquire that number of common shares as is equal to 10% of the total number of FT Shares and Non FT Units sold by the Agent. Each Agent's Warrant entitles the holder thereof to acquire one common share of the Company for a term of two years from the date of closing at a price of $0.14 per common share. The Company will also pay to the Agent a corporate finance fee of 50,000 units, each unit having the same terms as the Non FT Units, and an administration fee of $5,000.
The offering is subject to a number of conditions including the execution of formal documentation and receipt of the applicable regulatory approvals and for general working capital.
The proceeds from this offering will be used for further exploration of the Company's gold, base metal and uranium properties in Canada.
On behalf of:
Bard Ventures Ltd.
"Eugene Beukman"
Eugene Beukman, President
For further information please visit our website at www.bardventures.com
Certain statements contained in this document, including statements regarding events and financial trends that may affect our future operating results, financial position and cash flows, may constitute forward-looking statements within the meaning of the federal securities laws. These statements are based on our assumptions and estimates and are subject to risk and uncertainties. You can identify these forward-looking statements by the use of words like "strategy", "expects", "plans", "believes", "will", "estimates", "intends", "projects", "goals", "targets", and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. We wish to caution you that such statements contained are just predictions or opinions and that actual events or results may differ materially. The forward-looking statements contained in this business plan are made as of the date hereof and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ materially from those projected in the forward-looking statements. Where applicable, we claim the protection of the safe harbor for forward-looking statements provided by the (United States) Private Securities Litigation Reform Act of 1995."
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF CONTENT OF THIS PRESS RELEASE |
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