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HORNBY BAY EXPLORATION LIMITED
May 19, 2004 - Symbol: HBE (TSXV) HORNBY BAY RAISES $1.0 MILLION Hornby Bay is pleased to announce that the company has through a non-brokered private placement raised $1.0 million. The proceeds will be used to fund non-exploration working capital.Pursuant to this financing, Hornby Bay issued 2,860,000 units at a price of $0.35 each. Each unit consists of one common share and one share purchase warrant. Each share purchase warrant entitles the holder to acquire one common share of Hornby Bay for one year at an exercise price of $0.50. Also, Mr. George Bell, President and CEO is pleased to announce the appointment of Jennifer M. Smith MSc, PGeo, CA as Vice President Corporate Development. Ms. Smith brings 15 years of management experience in exploration and finance having worked for Bema Gold Corporation and PriceWaterhouseCoopers. In connection with the management appointment a total of 100,000 options to purchase common shares of the Company at an exercise price of $0.35 has been granted to the incoming officer of the Company. Hornby Bay Exploration Limited is an emerging uranium energy company based in Toronto with active exploration programs focused on uranium along with diamonds on its 211 mineral claims covering 209,100 hectares (516,700 acres) of the Hornby Basin in the Coronation Gulf area of Nunavut.
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