Appleton Exploration Inc. Amends Non-Brokered Private Placement Appoints New Director
July 14, 2008 - Vancouver, British Columbia. Appleton Exploration Inc. (TSXV:AEX) reports the Company has amended the non-brokered private placement offering previously announced on July 2, 2008, to decrease the number of units offered from 5,000,000 units to 1,500,000 units, priced at $0.20 per unit, for gross proceeds of up to $300,000, subject to acceptance for filing by the TSX Venture Exchange. Each unit is comprised of one common share and one warrant, with each whole warrant entitling the holder to acquire one additional common share at an exercise price of $0.30 per share, for a period of one year from the date of closing. If at any time during the period of the warrant the 20 day weighted average of the market price of the shares exceeds $0.60 per share, the Company may request the exercise of the warrants.
Securities issued pursuant to the private placement are subject to a four month hold period.
Proceeds of the private placement financing will be used for exploration expenditures on the Company’s British Columbia projects and for general working capital.
In an unrelated matter, Terry Kirby has been appointed to the Board of Directors effective immediately. Mr. Kirby brings public company experience to the Board, having previously served as an officer and/or director of several mineral exploration companies with properties in British Columbia and Mexico. A Vancouver-based businessman, Mr. Kirby has also served as an executive officer of industrial service sector companies.
On Behalf of the Board of Directors,
“R. Tim Henneberry”
R.Tim Henneberry, P.Geo.
President and CEO
For further information, please contact:
Tim Henneberry: (604) 694-0741
For Investor Relations Information contact:
Contact Financial Corp.
604.689.7422 | Toll Free 1.877.689.7411
R. Tim Henneberry, P.Geo. , President, CEO & Director of the Company, is the Qualified Person as defined in
National Instrument 43-101, who has reviewed and approved the technical content of this news release.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.