|
HORNBY BAY EXPLORATION LIMITED
December 22, 2003 - Symbol: YHB (TSXV) HORNBY BAY APPOINTS NEW DIRECTOR AND COMPLETES DEBT SETTLEMENT Hornby Bay Exploration Limited (TSX Venture: YHB) is pleased to announce that Mr. J. Birks Bovaird has been appointed to its board of directors. Mr. Bovaird is President of Toorak Holdings Limited, a private corporate finance and investment company. Prior to forming Toorak Holdings, he was a founding partner of the Argyle Group Limited, a corporate finance boutique which specializes in arranging both private debt and equity placements for mid sized Canadian companies.In connection with Mr. Bovaird's appointment, Mr. Brady, President of the Company, has agreed to resign from the Company's audit committee and Mr. Bovaird has been appointed in his stead. In addition, further to its press release of November 21, 2003, the Company wishes to announce that it has received regulatory approval for the settlement of an aggregate of $135,543.60 of indebtedness owed to an arm's length creditor through the issuance of 542,175 common shares of the Company. The shares issued pursuant to the settlement are subject to a twelve month hold period.
For further information contact:
James. M. Brady,
|