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Show printable version of '$875,000 Non-Brokered Private Placement Closes' in a New Window

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Jul 28, 2006
The Board of Directors of International Wayside Gold Mines Ltd. (the "Company") is pleased to announce that the Company has closed its private placement of 3,500,000 units at the price of $0.25 per unit as announced on July 14, 2006 for total proceeds of $875,000.

2,000,000 of these units are mixed units ("Mixed Units") which consist of one flow through common share and one-half of one non-transferable non flow through share purchase warrant (each whole non-flow-through share purchase warrant entitling the holder to purchase one further non-flow-through common share of the Company for a period of one year from closing at the exercise price of $0.35 per share, with a forced exercise provision commencing on the day following the expiry of the fourth month and one day hold period on the underlying common share, stating that if, for ten consecutive trading days, the closing price of the listed shares of the Company exceeds $1.00 then the exercise period of the warrants will be shortened to a period of 30 days).

1,500,000 of these units are non-flow-through units ("NFT Units") which consist of one non flow-through common share and one-half of one non-transferable non-flow-through share purchase warrant (each whole non-flow-through share purchase warrant entitling the holder to purchase one further non flow through common share of the Company for a period of one year from closing at the exercise price of $0.35 per share, with a forced exercise provision commencing on the day following the expiry of the fourth month and one day hold period on the underlying common share, stating that if, for ten consecutive trading days, the closing price of the listed shares of the Company exceeds $1.00 then the exercise period of the warrants will be shortened to a period of 30 days).

A finder's fee of $30,000 cash and 8% bonus compensation options carrying the same terms as the NFT units were paid in connection with the placement of the Mixed Units.

All securities distributed pursuant to this private placement will be subject to a four month and one day hold period.

Proceeds from this private placement will be used for working capital purposes and to further the Cariboo Gold Project.

On behalf of the Board of Directors,

J. Frank Callaghan, President and CEO

International Wayside Gold Mines Ltd.
J. Frank Callaghan President and CEO (604) 669-6463
or Toll Free: 1-800-663-9688 (604) 669-3041 (FAX)
www.wayside-gold.com
 


*please refer to cautionary note