TSX Venture Exchange: TME, Frankfurt Exchange: TQ1 NR-07-19
TORONTO, Oct. 25 /CNW/ - Temex Resources Corp. (TSX Venture Exchange:
TME, Frankfurt:TQ1) ("Temex" or "the Company") announces a non-brokered
private placement of units (the "Offering"), pursuant to which the company may
sell up to 7,142,857 units at a price of $0.70 per unit, raising aggregate
gross proceeds of approximately $5,000,000. Each Unit will be 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 a Common Share at a price of $1.00 for a period of
In connection with the offer the Corporation shall pay a finders fee to
Blackmont Capital comprised of a (a) cash commission equal to 6% of the gross
proceeds of the Offering received from investors introduced to the Offering by
Blackmont Capital, payable at the Company's option in whole or in part by
issuing Units, and (b) non-transferable warrants of the Corporation ("Finder
Warrants") equal in number to 6% of the number of Units sold under the
Offering to investors introduced to the Offering by Blackmont Capital. Each
Finder Warrant will entitle the holder thereof to purchase one common share in
the capital of the Corporation at a price of $0.70 for a 24-month period.
The funds are to be used to continue the significant exploration underway
on the company's various properties including its extensive landholdings in
the vicinity of Noront Resources new Double Eagle Ni-Cu-PGE discovery.
The Offering is subject to TSXV approval.
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: visit the Temex website www.temexcorp.com or
contact Ian Campbell or Bruce Durham at (416) 862-2246