Closing of Private Placement
August 29, 2006
WEST VANCOUVER, BRITISH COLUMBIA – August 29, 2006 - Consolidated Venturex Holdings Ltd. (the “Company”) is pleased to announce that, further to its new releases dated June 29 and July 20, 2006, it has closed a non-brokered flow-through and non-flow-through private placement. The Company has raised $499,200 by the issuance of 2,981,334 flow-through units (the “FT Units”) at a price of $0.15 per FT Unit and 400,000 non-flow-through units (the “Non FT Units”) at a price of $0.13 per Non FT Unit. Each FT Unit consists of one flow-through common share and one half of a non-flow-through share purchase warrant (a “Warrant”), with each whole Warrant entitling the holder to purchase an additional common share at a price of $0.17 for a period of one year following the date of the issuance of the FT Units. Each Non FT Unit consists of one non-flow-through common share and one Warrant.
In connection with the private placement, the Company has agreed to pay a cash fee to certain finders equal to 7% of the gross proceeds raised from subscribers introduced to the Company by the applicable finder together with warrants (the “Finder’s Warrant”) entitling the holder to acquire that number of common shares as is equal to 10% of the number of FT Units and Non FT Units sold to subscribers introduced to the Company by the finder. Each Finder’s Warrant entitles the finder to purchase one additional common share for a period of one year at an exercise price of $0.17.
All of the securities issued pursuant to the private placement are subject to a hold period expiring on December 29, 2006.
The proceeds from the private placement will be used for exploration and development of the Company’s optioned “LJ Property” which is located 35 km north of Revelstoke, B.C. and for general working capital.
Consolidated Venturex Holdings Ltd.
Signed “Douglas L. Mason”
Douglas L. Mason, Chairman
The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this release.
