Aug 14, 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 2,070,000 units at the price of $0.25 per unit as announced on July 21, 2006 for total proceeds of $517,500.
These units consist of one common share and one-half of one non-transferable share purchase warrant (each whole share purchase warrant entitling the holder to purchase one further common share of the Company for a period of two years 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 $2,925 cash was paid in connection with the placement of the 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.
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)
*please refer to cautionary note