TSXV Symbol: EXX MONTREAL, April 26 /CNW Telbec/ - Further to the Company's announcement on February 15, 2006, of a private placement of up to 15,000,000 units at Cdn$3.00 per unit, the Company will conclude a placement on 5,000,000 units at Cdn$3.00, as approved by the TSX Venture Exchange on April 20, 2006. The Company has closed on the first 4,000,000 units of the placement at the equivalent in U.S. funds of Cdn$3.00 per unit, with each unit comprising one common share and one share purchase warrant. Four warrants are required to purchase one additional common share at a price of Cdn$3.75, during the exercise period and upon the other terms and conditions as originally announced. The warrants contain a "forced exercise" provision that provides that if at any time after August 26, 2006, the shares of the Company close at a price of at least Cdn$6.00 for ten consecutive trading days then, subject to the Company providing notice of the event, the warrants will be exercisable only for a period of 15 business days following the tenth such trading day. The Company has paid the U.S equivalent of Cdn$750,000 in cash and issued additional share purchase warrants to a U.S. broker dealer engaged as financial advisor in connection with the transaction. The warrants entitle the advisor to purchase 120,000 common shares of the Company at a price of Cdn$3.00 per share during the same exercise period and upon the same terms and conditions as the warrants comprised in the private placement units. The common shares and warrants referred to in the foregoing, and any shares issued pursuant to the exercise of the share purchase warrants, are subject to a four month hold period under applicable securities laws, and imposed by the TSX Venture Exchange, expiring August 26, 2006. The Company expects to close on the remaining 1,000,000 units shortly. For further information concerning this announcement, please contact Neil Murray-Lyon or Christine Stewart of Renmark Financial Communications Inc. at (514) 939-3989. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.