TSX Venture Exchange: TME, Frankfurt Exchange: TQ1
TORONTO, Nov. 2 /CNW/ - Temex Resources Corp. ("the Company") announces
the closing of a non-brokered private placement of units (the "Units")
previously announced in the Company's news release dated October 25, 2007 (the
"Offering"). The Company sold 7,142,856 Units under the Offering at a price of
$0.70 per Unit, raising gross proceeds of approximately $5,000,000.
Each Unit is comprised of one common share in the capital of the
Corporation (a "Common Share") and one-half of one Common Share purchase
warrant, each whole warrant entitling the holder thereof to purchase one
Common Share at a price of $1.00 until November 2, 2009.
The Company paid an aggregate finder's fee comprised of $90,000, 300,000
Units and 428,571 non-transferable warrants of the Corporation (the "Finder
Warrants"). Each Finder Warrant entitles the holder to purchase one Common
Share at a price of $0.70 until November 2, 2009.
The proceeds of the Offering will be used to continue the significant
exploration underway on the Company's various mineral properties, including
its extensive landholdings in the vicinity of Noront Resources' new Double
Eagle Ni-Cu-PGE discovery.
The securities issued under the Offering are subject to a hold period
expiring on March 3, 2008.
Temex is a Canadian exploration company, focused on advancing its gold,
silver, nickel and diamond projects in northern Ontario.
On behalf of the Board of Directors,
President and CEO
This news release may contain forward-looking statements. Forward-looking
statements address future events and conditions and therefore involve inherent
risks and uncertainties. Actual results may differ materially from those
currently anticipated in such statements.
(*)The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release(*)
For further information:
For further information: please visit the Temex website
www.temexcorp.com or contact Ian Campbell or Bruce Durham at (416) 862-2246