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| | Thu May 6, 2010
Palladon Ventures Completes Private Placement
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| | Salt Lake City, UT, May 6, 2010. Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX-V: PLL.V) (Frankfurt: PV-1). Palladon announced today that it has received approval from the TSX Venture Exchange for its fully subscribed $1.1 million private placement (the "Private Placement"). The Private Placement was completed at a price of $0.055 per share. Of the $1.1 million, $435,000 will be used to fund the Company's pro-rata share of a capital call from Palladon Iron Corp. The balance will be used to fund working capital and to pay expenses required to remain a public company. The Company will close the Private Placement today.
All of the common shares issued in the Private Placement will be subject to a four month hold period commencing on the date of closing.
On Behalf of the Board of Directors,
John Cutler
President
About Palladon
Palladon Ventures Ltd. holds a significant minority interest in Palladon Iron Corporation, which is focused on advancing the Iron Mountain Project, an iron ore mine located west of Cedar City, Utah.
For Further Information Please Contact:
John Cutler
President
Palladon Ventures Ltd.
801.521.5252 Tel
604.681.4760 Fax
Email: info@palladonventures.com
Website: www.palladonventures.com
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements, which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with mineral exploration and production, (3) a decreased demand for minerals, (4) any number of events or causes which may delay or cease exploration and development of the Company's property interests, such as environmental liabilities, weather, mechanical failures, safety concerns and labor problems; (5) the risk that the Company does not execute its business plan, (6) inability to retain key employees, and (7) inability to finance operations and growth, (8) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. |
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