Iron Creek Capital Announces $4.5 Million Financings

/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES/

TSX-V: IRN

VANCOUVER, Oct. 15 /CNW/ -Iron Creek Capital Corp. (TSX-V: IRN) is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. (the "Agent"), to sell up to 4,620,000 units (the "Units") on a private placement commercially reasonable efforts basis at a price of $0.65 per Unit for aggregate gross proceeds of $3,003,000 (the "Offering"). Each Unit will consist of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to subscribe for one additional common share for a period of 24 months from the closing of the Offering at an exercise price of $1.00.

The Agent will receive a cash commission of 7% of the proceeds raised through the Offering and warrants ("Broker Warrants") equal to 7% of the Units issued through the Offering. Each Broker Warrant shall be exercisable to acquire one common share of the Company at an exercise price of $0.80 for a period of 18 months from closing. 

In addition, the Company intends to complete, subject to regulatory approval, a non-brokered private placement of up to 2,308,000 Units, for gross proceeds of up to $1,500,200. A finder's fee may be paid on a portion or all of this placement. The finder's fee will consist of 7% cash or Units and 7% warrants having the same terms as the Broker Warrants described above.   

The Company intends to use the net proceeds raised under the Offering and the non-brokered private placement for exploration of the Company's mineral projects in Chile and for general working capital purposes.

The Offering is scheduled to close on or about November 9, 2010 and is subject to certain conditions including, but not limited to, receipt of all required regulatory approvals. The securities issued by the Company in connection with the Offering and the non-brokered placement are subject to a 4-month hold period as prescribed by the TSX Venture Exchange and applicable securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Iron Creek

Iron Creek Capital Corp. is a Vancouver-based mineral exploration company engaged in the acquisition and exploration of precious and base metals projects in Chile.

ON BEHALF OF THE BOARD

"Timothy J. Beale"
Timothy J. Beale, President

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release

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