TRIBUTE ANNOUNCES COMPLETION OF FINANCING
March 12, 2004
Tribute Minerals Inc. ("Tribute" or the "Company") (TSXVE- TBM) is pleased to announce that it has completed the placement of 6,000,000 units (the "Units") priced at $0.25 per Unit with each Unit consisting of one (1) common share and one (1) share purchase warrant (a "Warrant") entitling the holder to acquire a further common share at a price of $0.30 per share until March 11, 2006. Dominick & Dominick Securities Inc. acted as agent with respect to this placement and received a commission of $105,000 in cash and warrants to acquire 480,000 common shares at $0.25 per share until September 11, 2005. The proceeds from the offering will be used for exploration on the Company's properties. All securities will be legended and restricted from trading until July 11, 2004.
RAB Special Situations L.P. ("Special Situations") subscribed for the entire 6,000,000 Units. As a result, Special Situations currently owns 6,000,000 common shares of the Company (representing approximately 15.13% of the Company's currently issued and outstanding common shares). In addition, Special Situations owns 6,000,000 Warrants (representing approximately 26.28% of the issued and outstanding common shares of the Company on a partially diluted basis (assuming exercise of its Warrants) ("Partially Diluted Basis")). However, the Warrants specifically provide that the holder may not exercise the warrants if it would result in the holder holding 20% or more of the Company's outstanding capital. Special Situations has ownership of and control over the securities purchased in the Private Placement.
Immediately after the Private Placement, Special Situations owned 6,000,000 Shares and 6,000,000 Warrants representing approximately 26.28% of the issued and outstanding common shares of the Company on a Partially Diluted Basis.
Special Situations purchased Units for investment purposes only and not with the purpose of influencing the control or direction of the Company. Special Situations and/or its joint actors, if any, may, subject to market conditions, make additional investments in or dispositions of securities of the Company in the future, including additional purchases of Shares. Special Situations and/or its joint actors, if any, do not, however, intend to acquire 20% of any class of the outstanding voting securities of the Company.
The Company currently has 39,656,910 common shares issued and outstanding.
On Behalf of the Board of Directors,
Ian A. Brodie-Brown President & C.E.O.
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.
