Consolidated Venturex Closes First Tranche of $2.56 Million Private Placement
May 23, 2007
West Vancouver, British Columbia – May 23, 2007 – Consolidated Venturex Holdings Ltd. (the “Company”) is pleased to announce that, further to its news release dated April 19, 2007, it has closed the first tranche of its non brokered private placement. In the first tranche, the Company has raised $340,000 through the sale of 1,999,999 flow through units (the “FT Units”) at $0.17 each to the MineralFields Group. Each FT Unit consists of one flow through common share and one-half of a share purchase warrant, with each whole warrant entitling the holder to purchase an additional non flow through common share at a price of $0.20 for a period of one year from the closing date. In connection with this portion of the private placement, the Company has paid a finder’s fee and due diligence fee in the amount of $24,208 and has issued a finder’s warrant entitling the holder to purchase 199,999 common shares of the Company at an exercise price of $0.20 per share for a period of one year from the closing date.
“We are very pleased to be entering into this relationship with MineralFields Group”, said Ronald Coombes, President of the Company. “This is an important milestone in the growth of the Company and we look forward to working with MineralFields Group as we develop our mineral properties”.
The proceeds from this private placement will be used for exploration and development of the Company’s properties. The Company anticipates closing the second and final tranche of its private placement during the week of May 28, 2007.
For further information, contact Mr. Clive Shallow, investor communication, at 604-922-2030 or visit the Company’s website at www.consolidatedventurex.com
Consolidated Venturex Holdings Ltd.
“Douglas L. Mason”
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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.
