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HORNBY BAY EXPLORATION LIMITED
April 12, 2004 - Symbol: HBE (TSXV) HORNBY BAY CLOSES $1.5 MILLION PRIVATE PLACEMENT Hornby Bay is pleased to announce that it has closed its non-brokered private placement financing to raise $1.5 million. This financing was oversubscribed and proceeds will be used to recruit key personnel, to initiate the 2004 uranium and diamond exploration programs, and to improve the company's balance sheet.Pursuant to the financing, Hornby Bay issued 4,285,715 units at a price of $0.35 each. Each unit consists of one common share and one-half of one share purchase warrant. Each whole share purchase warrant entitles the holder to acquire one common share of Hornby Bay for one year at an exercise price of $0.45. In the event that the company's common shares trade for $0.70 or greater for thirty consecutive days the company can force the warrants to expire within 30 days, unless exercised by the holder. Hornby Bay Exploration Limited is a Toronto based company with active exploration programs focused on uranium and diamonds on its 221 mineral claims covering 225,491 hectares (543,433 acres) in the Hornby Basin and Asiak River regions of Nunavut and the Northwest Territories.
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