ROUYN-NORANDA, QC, April 28, 2016 /CNW Telbec/ - Fieldex Exploration Inc. (FLX: TSXV and F7E: Frankfurt) is pleased to announce that it has held a first closing of a private placement by issuing 7,500,000 "flow-through" units at a price of $0.05 per unit, for gross proceeds to Fieldex Exploration of $375,000. Each of the units is comprised of one "flow-through" common share and one common share purchase warrant. Each warrant will entitle the holder to acquire one additional common share of Fieldex Exploration at a price of $0.10 until April 27, 2021.
Additional closings of the private placement may be held until June 6, 2016, subject to a maximum of 15,000,000 "flow-through" units, for total maximum gross proceeds of $750,000.
Fieldex Exploration will use the proceeds from the first closing of the private placement for exploration on certain of its properties in Québec.
In connection with the private placement, Fieldex Exploration paid a finder's fee to Secutor Capital Management Corporation in the amount of $30,000, representing 8% of the gross proceeds raised in the first closing of the private placement and issued to Secutor Capital Management Corporation 600,000 broker warrants in connection with the sale of the "flow‑through" units. Each broker warrant entitles the holder to acquire one common share of Fieldex Exploration at a price of $0.05 until April 27, 2021.
As a result of the first closing of the private placement, there are 92,186,798 common shares of Fieldex Exploration issued and outstanding on a non-diluted basis. Under applicable securities legislation and the policies of the TSX Venture Exchange, the securities issued in the private placement are subject to a four-month hold period, expiring on August 28, 2016.
Fieldex is a mineral resource company actively exploring in Québec for strategic group of metals and industrial minerals deposits located in the province of Québec.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
SOURCE FIELDEX EXPLORATION INC.
For further information: Martin Dallaire, eng., President and Chief Executive Officer, Tel.: (819) 762-0609, Fax: (819) 762-0097