Temex announces flow-through private placement financing

TSX Venture Exchange:TME, Frankfurt Exchange:TQ1

TORONTO, April 29 /CNW/ - Temex Resources Corp. (TSX Venture: TME, Frankfurt:TQ1) ("Temex" or "the Company") is pleased to announce that it has entered into an agreement with Sandfire Securities Inc. ("Sandfire") for a private placement of up to 5,714,286 "flow-through" shares at a price of $0.35 per share for aggregate gross proceeds of approximately $2,000,000. The offering will be made by Sandfire, as "Lead Agent", and Secutor Capital Management Corporation ("Secutor", and together with Sandfire the "Agents") on a reasonable efforts basis and is expected to close on or about May 26, 2010. The offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals.

The Company has agreed to grant the Agents an over-allotment option, which will allow the Agents to offer up to 2,857,143 additional "flow-through" shares for additional aggregate gross proceeds of approximately $1,000,000, if exercised prior to the closing of the offering.

The aggregate gross proceeds raised from the issuance of the "flow-through" shares will be used by the Company to incur exploration expenditures on its properties in Ontario, which will constitute "Canadian exploration expense" (as defined in the Income Tax Act (Canada)), which will be eligible for renunciation to purchasers for the 2010 taxation year.

Temex is a Canadian exploration company focused on advancing its precious metal projects in Northeastern Ontario.

    
    On behalf of the Board of Directors,

    "Ian Campbell"

    Ian Campbell
    President and CEO
    

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's anticipated use of proceeds, the expected timing for closing the offering, the grant to Agents of the over-allotment option and the Company's expectations with respect to renunciation. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to obtain TSX Venture Exchange approval of the offering, general business and economic uncertainties, future mineral prices and adverse market conditions, as well as those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Neither the 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.

%SEDAR: 00005513E

SOURCE Temex Resources Corp.

For further information: For further information: Ian Campbell, President and CEO or Bruce Durham, Executive Chairman at (416) 862-2246 or visit www.temexcorp.com

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Temex Resources Corp.

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