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HORNBY BAY EXPLORATION LIMITED
January 28, 2004 - Symbol: HBE (TSXV) HORNBY BAY GRADUATES TO TSXV TIER 2 UNDER SYMBOL HBE AND COMPLETES PRIVATE PLACEMENT TRANSACTION Hornby Bay Exploration Limited (TSXV:HBE) is pleased to announce that the Company has met the requirements for a Tier 2 company, in accordance with the TSX Venture Exchange Policy 2.5. The Company has commenced trading on Tier 2 of the TSX Venture Exchange under the symbol "HBE".Hornby Bay also announces that it has closed a non-brokered private placement raising gross proceeds of $2,121,500 through the issuance of 2,121,500 flow through special warrants. Each flow through special warrant convertible into units at a price equal to the lesser of $0.20 or the average trading price of the common shares of the Company for the 60 days after the date of issuance of the Special Warrants (the "Conversion Price"). An aggregate of 1,440,400 common shares of the Company were paid to various individuals as finder's fees in connection with the private placement. In connection with the payment of one of the Finder's Fees consisting of 161,000 shares of the Company, the finder has arranged to receive the free-trading shares from a shareholder of the Company. In exchange, the shareholder will receive shares from the Company subject to a hold period until November 19, 2004. All other securities issued pursuant to the private placement are subject to a statutory hold period until November 19, 2004. The Company has undertaken to use its best efforts to file a prospectus to qualify the distribution of the shares and warrants comprising the units issued upon conversion of the special warrants.
For further information contact:
James. M. Brady,
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