|
HORNBY BAY EXPLORATION LIMITED
November 24, 2003 - Symbol: YHB (TSXV) HORNBY BAY ANNOUNCES CONVERSION OF PROMISSORY NOTE Hornby Bay Exploration Limited (TSX Venture: YHB) announces that a creditor of the Company has converted the principal and interest of a $150,000 promissory note. Each $0.125 of principal and interest was convertible into one unit of the Company, resulting in a total of 1,772,000 units being issued. Each unit is comprised of a common share and one one-half of a common share purchase warrant, each warrant entitling the holder thereof to acquire a common share for a period of two years from the date of issuance, at a price of $0.15. The securities issued pursuant to the private placement are not subject to a hold period.In addition, the Company announces that, in connection with a joint venture agreement dated July 30, 2002, between the Company and Glenavy Investments Ltd., Glenavy has elected not to participate in a joint venture with the Company. Glenavy has elected to exercise the conversion rights provided for in the agreement resulting in the issuance of 542,175 shares of the Company through the conversion of $135,543.60. The amount of $135,543.60 represents amounts expended by Glenavy in connection with exploration work on the Company's East Clavos Property located in the Porcupine Mining Camp.
For further information contact:
James. M. Brady,
|