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For Immediate Release: March 16, 2001
CDNX: PXN
Cusip: 704276 10 4
PAXTON INTERNATIONAL RESOURCES LTD. - Proceeds of
Private Placement and New Directors
The Company is pleased to announce that it has received
$1,000,000, the proceeds of 5,000,000 units of the non-brokered
Private Placement of 7,500,000 units to Macdonald Development
Corporation of 1100 – 938 Howe Street, Vancouver, BC
at a price of $0.20 per unit. The private placement is being
carried out in tranches. Each unit consists of one common
share in the capital stock of the Company and one non-transferable
share purchase warrant. Each warrant entitles the holder
to purchase one additional common share at a price of $0.30
per common share for a term of two years. With the approval
of CDNX, the original completion date for the remaining 2,500,000
units has been amended from January 15, 2001 to March 31,
2001.
As a result of the acquisitions, Robert J. Macdonald, through
Macdonald Development Corporation, announces that, as of
March 16, 2001, he has direct or indirect beneficial ownership
over 5,305,500 common shares and 5,000,000 share purchase
warrants, representing approximately 42% of the issued and
outstanding share capital at such date. Mr. Macdonald, through
Macdonald Development Corporation, has purchased the securities
for investment purposes and may in the future increase his
beneficial ownership of, or control or direction over, additional
shares of the Company.
The Company is also pleased to announce the appointment
of Glen A. Simmie, LLB, and Philip J. Walsh, CA, to the Board
of Directors. Mr. Simmie’s is a lawyer who carries
on a practice in Vancouver primarily dealing with issues
of commercial litigation. Mr.Walsh is a businessman involved
in a variety of business ventures and is experienced in the
management of public companies.
On behalf of the Board of Directors
PAXTON INTERNATIONAL RESOURCES LTD.
Brian W. Elliott, M.B.A, C.A.
President and C.E.O.
The Canadian Venture Exchange has neither approved nor
disapproved the information contained herein.
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