DARNLEY BAY RESOURCES LIMITED
4 King Street West, # 1103
Toronto, Ontario M5H 1B6
NEWS RELEASE
Trading Symbol: DBL. TSX Venture Exchange
April 17, 2009
Darnley Bay Resources Closes Private Placement Financings
Further to its news releases of April 6 and April 9th, Darnley Bay Resources Limited (the “Company”) announces that it has increased the amount of its Private Placement financing to 1,170,000 units @ $0.10 per unit for a total of $117,000 and 208,300 Flow-Through (FT) units @ $0.12 per unit for a total of $24,996.
Each unit consists of one common share (CS) and one CS purchase warrant exercisable for four years from the closing date at an exercise price of $0.20/share. The proceeds will be used for exploration and working capital.
Each FT unit consists of one FT share and one FT share purchase warrant exercisable for four years from the closing date at an exercise price of $0.24/share. The FT proceeds must be used to incur Canadian Exploration Expenses by December 31, 2009 (as defined in the Income Tax Act). The proceeds will be used for exploration work on the Company’s metals and diamond properties near Paulatuk , NT .
The Company also wishes to announce that the Private Placement is now complete with $141,996 raised in total and 1,378,300 new shares issued with a four month hold period required before they become free and tradable. No finder’s fee was paid during the private placement.
The transactions are subject to certain conditions, including regulatory approval.
About Darnley Bay Resources Limited:
The Company was formed in 1993 to explore and develop an area of geophysical significance in the Northwest Territories of Canada. Initial base metal exploration fortuitously resulted in the discovery of diamonds, indicating that the area is host to both metallic and non-metallic mineral deposit interests. The Company’s objectives are to secure and maintain successful financing partnerships to continue exploration for base metals, gold and diamonds that will result in the development of a profitable mining venture.
For more information contact:
Stephen Reford, President & CEO
Telephone: (416) 862-7885
Fax: (416) 862-7889
E-mail: sreford@darnleybay.com
Web site: www.darnleybay.com
