International Bethlehem Announces Non Brokered Private Placement
May 7, 2009
West Vancouver, British Columbia â€" May 7, 2009 â€" International Bethlehem Mining Corp. (the â€śCompanyâ€ť or â€śInternational Bethlehemâ€ť) announces that, subject to regulatory approval, it intends to proceed with a non-brokered private placement (the â€śPrivate Placementâ€ť) to raise up to $250,000 by the issuance of 5,000,000 units (the â€śUnitsâ€ť) at $0.05 per Unit. Each Unit will consist of one common share and one share purchase warrant, with each warrant entitling the holder to purchase an additional common share at a price of $0.10 for a period of one year from the closing date. With respect to this Private Placement, the Company may pay findersâ€™ fees in the amount of 10% of the proceeds raised from the sale of the Units (payable in cash or Units at a deemed price unit of $0.05 per Unit) purchased by subscribers introduced to the Company by such finders. The proceeds from this Private Placement will be used for furthering the exploration and development of the â€śEva Kittoâ€ť PGE Property (as referred to in the Companyâ€™s news release dated January 26, 2009) and for general working capital purposes.
The Company also wishes to announce that it has reduced the exercise price of the following incentive stock options to $0.10 per common share: (a) in regard of insiders, a total of 1,620,000 options will be re-priced (805,000 options granted on August 17, 2006 at an exercise price of $0.25 per common share; 265,000 options granted on January 25, 2007 at an exercise price of $0.25 per share; and 550,000 options granted on February 12, 2008 at an exercise price of $0.14 per common share); and (b) in regard of non-insiders, a total of 1,120,000 options will be re-priced (680,000 options granted on August 17, 2006 at an exercise price of $0.25 per common share; 110,000 options granted on January 25, 2007 at an exercise price of $0.25 per common share; and 330,000 options granted on February 12, 2008 at an exercise price of $0.14 per common share). The foregoing re-pricings are subject to TSX Venture Exchange acceptance, as well as disinterested shareholder approval at the Companyâ€™s Annual General Meeting to be held on June 2, 2009.
For further information, contact Mr. Clive Shallow, investor communications at 604-922-2030 or visit the Companyâ€™s new website at www.bethlehemmining.com, which website will be operational very shortly.
International Bethlehem Mining Corp.
â€śDouglas L. Masonâ€ť
Douglas L. Mason, Director
The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this release