NEWS RELEASE
RESOLVE CLOSES BROKERED PRIVATE PLACEMENT
NOT FOR DISSEMINATION IN THE UNITED STATES
October 21, 2004
For Immediate Release
Trading Symbol: RVN – TSX-V
Vancouver, British Columbia … Resolve Ventures is pleased to announce that it has closed its brokered private placement previously announced on August 24, 2004. The Company has raised gross proceeds of $235,980 through the issuance of 1,311,000 flow-through common shares at a price of $0.18 per common share.
Pursuant to an Agency Agreement with Pacific International Securities Inc., the Company paid the following consideration with respect to the final closing: (i) 8% commission on the gross proceeds raised, paid as to $16,801.74 in cash, and the issuance of 11,537 common shares at the deemed price of $0.18 per share; (ii) an aggregate of 196,650 broker warrants, each such broker warrant entitling the holder to purchase one common share of Resolve at an exercise price of $0.18 per common share for a period of 2 years from the Closing Date; and (iii) the agent’s expenses. All securities issued pursuant to the private placement are subject to a hold period expiring on February 22, 2005.
The proceeds from the Company’s brokered private placement will be used to finance further exploration of Resolve’s projects located in the Raglan area of northern Quebec. The private placement is subject to receipt of all necessary regulatory approvals, including final approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD
(sgd.) “David Baker”, President
For further information, please call: (604) 685-3317
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Not for dissemination in the United States or through U.S wire services.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.