/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TORONTO, April 24 /CNW/ - Leni Keough, President and CEO of Olivut
Resources Ltd. ("Olivut" or the "Company") announces that Olivut's best
efforts private placement announced in a press release earlier today has been
upsized from the original 3,715,000 units to 4,600,000 units ("Units") as a
result of strong investor demand. The offering price remains C$1.75 per unit,
for increased aggregate gross proceeds of C$8.05 million. Each Unit will
continue to consist of one common share and one-half of one common share
purchase warrant. Each whole warrant will entitle the holder to acquire one
common share of the Company at an exercise price of C$2.00 per common share
for a period of 24 months from the closing of the offering. Closing is
expected to be on or about May 10, 2007.
Genuity Capital Markets, acting as lead agent and sole bookrunner, and a
syndicate of agents including Canaccord Capital Corporation (the "Agents")
will receive cash commission of 7.0% of the gross proceeds raised in this
upsized private placement and compensation warrants (the "Compensation
Warrants") entitling the Agents to purchase such number of common shares equal
to 7.0% of the aggregate number of Units sold pursuant to the increased
private placement. Each Compensation Warrant will entitle the Agents to
purchase one common share of the Company at a price of $2.00 per common share
for a period of 12 months following the closing.
The proceeds from the placement will be used to continue the exploration
program on the HOAM project and for general corporate purposes.
Completion of the private placement is subject to certain conditions
including, but not limited to all necessary approvals. The private placement
is being made in the provinces of British Columbia, Alberta and Ontario. The
securities offered have not been registered under the U.S. Securities Act of
1933, as amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements.
This press release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any State
in which such offer, solicitation or sale would be unlawful.
Olivut is a diamond exploration company with a 100% mineral interest in
over 2,000,000 acres in the prospective HOAM Project in Canada's Northwest
Territories. Olivut has spent over $7 million assessing the diamond potential
of the property, including extensive geophysics and geochemistry.
President and Chief Executive Officer
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Leni Keough, President and Chief Executive
Officer, Olivut Resources Ltd., (780) 866-2221