| ||Wed May 16, 2007|
Palladon Closes Private Placement
| ||Salt Lake City, Utah, May 16, 2007. Palladon Ventures Ltd. (TSX.V: PLL) (Frankfurt: PV-1) announces that the Company has closed a non-brokered private placement announced March 6, 2007, and amended April 10, 2007. The private placement consists of 26,187,410 units at a price of CAD$0.30 per unit for gross proceeds of CAD$7,856,223.|
Each unit consists of one common share plus one half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at a price of CAD$0.50 for a period of 24 months from closing. The shares are subject to a four month hold period expiring September 11, 2007. Palladon intends to use the net proceeds from the offering for working capital in the further development of the Iron Mountain project in southwestern Utah.
"The proceeds from this financing will enable Palladon to continue with an aggressive growth strategy that includes building production facilities at Iron Mountain", said Don Foot, Palladon Ventures President and CEO.
On Behalf of the Board of Directors,
Donald G. Foot, Jr.
President and Chief Executive Officer
Palladon Ventures Ltd. is a junior resource company focused on building production facilities at the Comstock/Mountain Lion iron mine in Iron County, Utah. Palladon also holds gold exploration projects in Nevada, Utah and Argentina.
For Further Information Please Contact
VP, Corporate Development
Palladon Ventures Ltd.
The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of the contents hereof.
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