TSX Venture:TME, Frankfurt:TQ1
TORONTO, May 17 /CNW/ - Temex Resources Corp. (TSX Venture:TME, Frankfurt:TQ1) ("Temex" or the "Company") is pleased to announce the closing of its previously announced private placement offering (the "Offering") with NCP Northland Capital Partners Inc. (formerly Sandfire Securities Inc.) and Secutor Capital Management Corporation (collectively, the "Agents") (see the Company's news release dated April 29, 2010), pursuant to which an aggregate of 8,571,428 "flow-through" shares (the "FT Shares") were sold at a price of $0.35 per FT Share, raising gross proceeds of approximately $3,000,000.
Commented Ian Campbell, President and CEO "We are looking forward to the coming months ahead as we are well financed to carry out all of our planned programs and it promises to be an exciting year as we advance our precious metals projects in northeastern Ontario."
The gross proceeds raised from the sale of FT Shares under the Offering will be used for "Canadian exploration expense" as defined in the Income Tax Act (Canada) on the Company's mineral properties in Ontario and will be renounced for the 2010 taxation year.
The Company paid an aggregate commission of 8% of the gross proceeds of the Offering to the Agents and a member of their selling group. In addition, the Agents and a member of their selling group were also issued an aggregate of 685,712 non-transferable warrants of the Company (the "Broker Warrants"). Each Broker Warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.35 per share until May 17, 2012.
The securities issued under the Offering are subject to a hold period expiring on September 18, 2010.
Temex is a Canadian exploration company focused on advancing its precious metal projects in Northeastern Ontario.
On behalf of the Board of Directors,
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 and renunciation. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, 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.
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