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ASHBURTON VENTURES INC.: COMPLETION OF QUALIFYING TRANSACTION AND BROKERED PRIVATE PLACEMENT Released February 23rd, 2009 Ashburton Ventures Inc. has completed its previously announced
acquisition of an undivided 60-per-cent interest in and to the OG
property located approximately 110 kilometres northwest of Dawson City,
Yukon. The acquisition constitutes the company's qualifying transaction
pursuant to the policies of the TSX Venture Exchange. The qualifying
transaction was completed on Dec. 31, 2008.Pursuant to the qualifying transaction, the company issued 500,000 common shares to Full Metal Minerals Inc., which shares are subject to a hold period expiring May 1, 2009. The company's board of directors now comprises Michael England, Tom McCandless, Lorne McCarthy, Marvin Mitchell and Philip Taneda. Mr. England is the chief executive officer, and Mr. Taneda is the chief financial officer and secretary. Concurrently with the completion of the qualifying transaction, the company completed a brokered private placement of 3.5 million flow-through units at a price of 10 cents per FT unit for gross proceeds of $350,000. Each FT unit consists of one flow-through common share and one non-transferable share purchase warrant, with each warrant entitling the holder to purchase one additional share of the company at a price of 21 cents per share for a period of five years from the completion of the financing. Bolder Investment Partners Ltd. acted as agent for the private placement and received a commission of $22,000, together with 220,000 agent's warrants. Each agent's warrant entitles the holder to purchase one additional common share at 14 cents per share for a period of two years from the completion of the financing. The agent also received a work fee of $15,000 plus GST. The shares, warrants and agent's warrants are subject to a hold period expiring May 1, 2009. After completion of the qualifying transaction and private placement, the company has 10,233,000 shares outstanding, with 4,806,800 shares reserved for issuance upon exercise of options and warrants. For further details regarding the qualifying transaction, please refer to the company's filing statement dated Dec. 18, 2008, filed under the company's profile on SEDAR. For further information contact: Michael England, Director Telephone: (604) 683-3995 Facsimile: (604) 683-3988 Email: [email protected] The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |