TRIBUTE COMPLETES $2,000,000 PRIVATE PLACEMENT
January 24, 2003
Toronto -Tribute Minerals Inc. ("Tribute") is pleased to announce that it has closed the second of two segments of a private placement transaction, which private placements was originally announced by Tribute on December 31, 2002. In this second closing, Tribute has issued 4,760,000 units (the "Units") and 1,000,000 "flow-through" common shares, in each case at the price of $0.25 per security, to a number of private investors for aggregate consideration of $1,440,000. Each Unit consists of one common share and one-half of one warrant, with each full warrant entitling the holder to purchase one additional Tribute common share at an exercise price of $0.30 for a period of 2 years following the date of issuance.
IBK Capital Corp. again acted as Tribute's agent in connection with this second closing and in consideration is to receive a 9% cash commission and broker warrants exercisable to purchase 345,600 common shares of Tribute at the price or $0.25 for a period of two years from closing. The TSX Venture Exchange has issued its conditional approval to this second closing of the private placement.
Across both the December 31, 2002 closing and this most recent closing of the private placement transaction, Tribute has issued an aggregate of 3,240,000 "flow-through" common shares and 4,760,000 Units, for total gross proceeds of $2,000,000. In addition, Tribute issued an aggregate of 480,000 broker warrants to IBK Capital Corp. in connection of it acting as Tribute's agent for the private placement.
For further information please contact:
Ian Brodie-Brown
President and Chief Executive Officer
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tribute Minerals Inc.
Ian Brodie-Brown
President and C.E.O.
(416) 368-2929
(416) 601-1450 (FAX)
info@tributeminerals.com
www.tributeminerals.com
The TSX Venture Exchange has neither approved nor disapproved of the contents of this
release.
