| | December 12, 2006
Bard Ventures Ltd. Closes Financing with the Mineralfields Group
Bard Ventures Ltd. ("Bard" or the "Company") is pleased to announce that it has closed the non-brokered private placement announced November 20, 2006. The Company sold 11,333,333 flow-through units at a price of $0.075 per flow-through unit for gross proceeds of $850,000, of which 6,666,665 flow-through units were issued to the MineralFields Group for a total of $500,000. Each flow-through unit consists of one flow-through common share and one non-transferable share purchase warrant (the "FT Units"). Each share purchase warrant entitles the holder to purchase one common share of the Company for a term of two years from the date of closing at a price of $0.11 per common share until the first anniversary, and $0.14 per common share until the second anniversary.
The Company paid to Limited Market Dealer Inc. ("LMD"), of Suite 200, 1110 Finch Avenue West, Toronto, Ontario, M3J 2T2 a cash commission of $25,000 equal to 5% of the gross proceeds sold by LMD. The Company also issued to LMD 66,666 common shares of the Company equal to 1% of the total number of flow-through units sold by LMD and 666,666 non-transferable compensation options (the "Compensation Options") that are exercisable into units at $0.075 per unit for a two year period. The units have the same terms as the FT Units, except are not flow-through. The Company also paid to LMD a corporate finance fee and due diligence fee of $13,250.
The Company paid to Canaccord Capital Corporation ("Canaccord"), of Suite 2200, 609 Granville Street, Vancouver, British Columbia, V7Y 1H2 a cash commission of $7,500 equal to 5% of the gross proceeds sold by Canaccord. The Company also issued to Canaccord 20,000 common shares of the Company equal to 1% of the total number of flow-through units sold by Canaccord and 200,000 Compensation Options that are exercisable into units at $0.075 per unit for a two year period. The units have the same terms as the FT Units, except are not flow-through.
As subscribers to the private placement, Eugene Beukman, President of the Company, and Debra Watkins, Corporate Secretary of the Company, acquired either directly or indirectly an aggregate of 566,668 FT Units, for which no commission was paid.
All of the securities issued under the private placement are subject to a four month hold period expiring on April 9, 2007.
The Company intends to use the proceeds from the private placement to finance general exploration activities on the Company's base metals properties in British Columbia.
About MineralFields
MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Information about the MineralFields Groups is available at www.mineralfields.com.
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." |
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