Olivut Resources Ltd. Announces Private Placement


    TSX-V: OLV

    TORONTO, April 24 /CNW/ - Leni Keough, President and CEO of Olivut
Resources Ltd. ("Olivut" or the "Company") announces the arrangement of a best
efforts private placement for the sale of 3,715,000 units at C$1.75 per unit
(a "Unit) for gross proceeds of C$6.5 million. Each Unit will 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,
    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
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 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, or the securities laws of any state, and may not be offered
or sold in the United States or to a U.S. Person (as defined in Regulation S
of the U.S. Securities Act) 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.

    This communication to shareholders and the public contains certain
forward-looking statements. Actual results may differ materially from those
indicated by such statements. All statements, other than statements of
historical fact, included herein, including, without limitations statements
regarding future production, are forward-looking statements that involve
various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements.

    Leni Keough
    President and Chief Executive Officer

    The TSX Venture Exchange has not reviewed and 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

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