Icon Industries Limited ("Icon" or the "Company") (TSX VENTURE:ICN - News) is pleased to announce that it has completed the $3,045,199 financing (the "Offering") announced by news release dated April 24, 2007 consisting of 3,383,554 units ("Units") at a price of $0.90. Each Unit consists of one common share and one-half transferable share purchase warrant, each whole warrant entitles the holder to acquire one additional common share of the Company at $1.25 per share for a period of 18 months subject to the exercise term being accelerated on notice from the Company if the closing price of the Company's shares is $2.00 or greater for 10 consecutive trading days.
A Finder's fee of 10% in cash will be payable to eligible finders in connection with the financing.
All of the securities issued in connection with the Offering are subject to a four month hold period that will expire on September 19, 2007.
Proceeds from the Offering will be used for general working capital and the advancement of the Company's Otish Basin claims in Quebec. The property comprise of 85 contiguous claims which the Company has the right to purchase 100% of subject to an NSR, along with an additional 7 claims which Icon, under an option agreement, can earn up to 55% subject to an NSR. The claims lie 4 km west of Strateco Resources' Matoush property from which Strateco has recently released significant drilling results of 2.00% U3O8 over 16 meters (including and intersection of 4.05 over 3.55 meters) and 2.10% over 12.4 meters. The combined group of claims were explored for uranium in the 1970's as part of a regional program by Uranerz Exploration which conducted regional mapping, airborne radiometric and geochemical surveys. This work resulted in the discovering of a large uraniferous boulder field. Individual samples from this boulder field returned values of up to 0.91% U3O8.
On Behalf of the Board of Directors of Icon Industries Limited
T. Barry Coughlan, President
Certain matters discussed in this press release may contain forward-looking statements. Investors are cautioned that all statements, other than statement of historical fact, involve risks and uncertainties, including but not limited to: exploration and mining risks and financing risks. There can be no assurance that such statement will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Investors are encouraged to review Icon's filings on SEDAR at www.sedar.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
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