Olympus Finalizes Private Placement of C$12,000,000
TORONTO, ONTARIO--(CCNMatthews - March 20, 2007) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO US NEWS WIRE SERVICES.
Olympus Pacific Minerals Inc. (the "Company") (TSX:OYM). David Seton, Chairman and CEO of the Company, is pleased to announce that the Company has completed its non -brokered private placement, of 21,428,571 shares at a price of C$0.56 per share, for gross proceeds of C$12,000,000. The placement closed at end of day, March 19, 2007.
The net proceeds from the Offering are intended to be used for ongoing exploration, feasibility studies and development work on the Company's mineral projects and for general corporate purposes.
This press release does not constitute an offer to sell, or a solicitation of an offer to sell, any of the foregoing securities in the United States. None of the foregoing securities have been and, nor will they 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.
For further details on the Company, readers are referred to the Company's web site at www.olympuspacific.com and the Company's Canadian regulatory filings on SEDAR at www.sedar.com
Olympus Pacific Minerals Inc., as first mover in Vietnam, is positioned to become a leading gold producer and explorer in Southeast Asia. Olympus is committed to its vision of making major discoveries in the region and increasing shareholder wealth.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
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