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HORNBY BAY EXPLORATION LIMITED
July 6, 2004 - Symbol: HBE (TSXV) HORNBY BAY RAISES $1.7 MILLION Hornby Bay is pleased to announce that the company has through a non-brokered private placement in the United States raised $1.7 million. The proceeds will be used to fund working capital.Pursuant to this financing, Hornby Bay issued 3,701,832 units at a price of $0.45 each. Each unit consists of one common share and one share purchase warrant. Each share purchase warrant entitles the holder to acquire one half a common share of Hornby Bay for one year at an exercise price of $0.60 and one half a common share of Hornby Bay for one year at an exercise price of $0.70. Hornby Bay Exploration Limited is a uranium exploration company based in Toronto with active uranium exploration programs focused on its 211 mineral claims covering 209,000 hectares (516,000 acres) of the Hornby Bay Basin in the Coronation Gulf area of Nunavut.
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