QUEBEC, Oct. 21 /CNW Telbec/ - Robex Resources Inc. (TSX-V: RBX) is pleased to announce the closing with success of a placement of $750,000. This placement was announced in the September 8, 2009 press release.
Under the terms of this private placement, the company has issued 15,000,000 units at $0.05 per unit. Each unit consists of one common share and one common share purchase warrant, each warrant exercisable to purchase one additional share at $0.11 per share, valid for a period of two years following the closing of this private placement.
A finder's fee of 25,000$ was paid to Canaccord Capital Corporation along with 500,000 finder's warrants, authorising Canaccord to acquire shares at $0.05 per share for a period of two years following the date of closing.
Two of Robex's Board Members subscribed to a total amount of 225,000$, representing 30% of the overall financing.
The securities issued in this private placement are subject to a four-month hold period under applicable securities legislation and the policies of the TSX Venture Exchange. This placement has received conditional approval from the TSX Venture Exchange.
Net proceeds from this financing will be used for exploration work on the Wili-Wili and Wili-Wili West permits, and for the on-going prefeasibility study initiated on the Nampala gold orebody. Nampala is located on the Mininko permit in Southern Mali and now contains an inferred resource of 760,000 oz Au at a grade of 1.0g/t Au (NI 43-101 Standard, see PR July 13, 2007).
The next step in this study will consist of a computerized block model study on the gold resources developed in the near-surface (oxidized) portion of the orebody (0 to 70 m). This study will be followed by a targeted infill reverse circulation (RC) and diamond drilling program aimed at upgrading the outlined resources from the inferred to indicated and measured category. Should the results of this campaign justify it, during the following weeks extensive metallurgical testing will be conducted on the ore material in order to outline the best extraction and recovery methods for the contained gold. Also, at the same time, a projected cost estimate for an eventual production start-up will be completed.
The content of this press release has been reviewed by Benoit M Violette, P.Geo and a qualified person in accordance with NI43-101 standards.
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.
For the Board of Directors:
Rolland Veilleux, President of the Board of Directors
SOURCE ROBEX RESOURCES INC.
For further information: For further information: Investor relations: André Gagné, CEO, (418) 527-3588, firstname.lastname@example.org