YORBEAU CLOSES FIRST
TRANCHE OF PRIVATE PLACEMENT
Yorbeau Resources Inc. ("Yorbeau")
(TSX: YRB.A) is pleased to announce it has completed a first tranche of its
previously-announced $2,000,000 private placement by issuing a total 7,322,500
flow-through common shares at a price of $0.25 per share and 2,250,000 common
shares at a price of $0.20 per share, for aggregate gross proceeds of
$2,280,625. The private placement was lead by Versant
Partners Inc. As a result of the offering being over-subscribed, Versant
exercised its option to increase the size of the offering.
In connection with the closing of the first tranche of the private
placement, Yorbeau issued broker�s warrants to
purchase a total of 387,150 common shares at a price of $0.20 per share to
Versant Partners Inc. as partial remuneration for their services in connection
with the placement. The broker�s warrants may be exercised until December 20,
2012.
Yorbeau will use $1,830,625 of the proceeds
raised from the issue of the flow-through common shares to incur Canadian
exploration expenses on its properties and will use the balance for general
working capital needs.
Yorbeau will begin a diamond drilling
exploration program on the Lake Gamble block of its Rouyn property in January.
The closing of the second tranche of the private placement is expected
shortly.
About Yorbeau Resources Inc.
The raison d��tre of Yorbeau
is to identify a world class gold deposit in a major mining camp. Against the
backdrop of a market that is steadily more welcoming for gold, Yorbeau is poised to significantly increase the known gold
resources on its properties in Northern Quebec.