posted on Dec 03, 2008 12:51PM
Consolidated Beacon Resources Ltd. Reduces Private Placement Price
12/3/2008 5:35:38 PM - NWC
Dec 03, 2008 (TheNewswire.ca via COMTEX News Network) --
December 3, 2008: Consolidated Beacon Resources Ltd. ("Beacon" or "the company") (TSXV:KBC) would like to announce an amendment to the private placement released on June 13, 2008. Given the current market conditions the TSX Venture Exchange has made it possible for Companies to raise money below the previous minimum price of $0.05 per unit. As a result of this temporary relief, Beacon has reduced the unit price from $0.05 per unit to $0.025 per unit.
Beacon has arranged a non-brokered private placement of up to 40,000,000 units at a price of $0.025 per unit for total proceeds of up to $1,000,000 subject to the approval of the TSX Venture Exchange.
Up to 40,000,000 units will be issued as non flow-through units consisting of one common share and one full warrant. One full warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.05 per share for the first year, and $0.10 per share in the second year.
The proceeds of the private placement will be used for general working capital.
About Consolidated Beacon Resource Ltd.
Consolidated Beacon Resource Ltd. is in the business of evaluating and acquiring oil and natural gas properties for exploration and development in Canada and the United States. The Company's shares trade on the TSX Venture Exchange under the symbol KBC.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
This release may contain or be deemed to contain forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual events or results. Readers are referred to the most recent documents filed by the Corporation on SEDAR (www.sedar.com), specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Corporation undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Forward-looking statements include references to production and cash flows before and after payout.
FOR FURTHER INFORMATION ABOUT THE COMPANY, PLEASE CONTACT:
Consolidated Beacon Resources Ltd.
Richard J. Hawes, P. Geol. Email: [email protected]
Telephone: (403) 221-8392 or visit the Company's website at http://www.consolidated-beacon.com
Archie Boyce, Director Email: [email protected]
Telephone: (604) 683 5445 ext 227