Aurex Energy Corp. Announces Closing of Unit Private Placement
July 19 - Aurex Energy Corp. ("AUREX" or the "Company") (TSXV:AURX) announces that the Company has closed the non-brokered private placement of units ("Units") announced June 26, 2019, for gross proceeds of $489,100 (the "Offering"). The Offering consists of the issuance of an aggregate of 1,956,400 Units at a price of $0.25 per Unit. Each Unit consists of one common share in the capital of the Company ("Common Share") and one-half common share purchase warrant ("Warrant") with each full Warrant entitling the holder to acquire one Common Share at a price of $0.30 per Common Share, for a period of 19 months from the closing of the Offering. In connection with the Offering, there were no cash commissions paid.
One Insider of the Company participated in the Offering for 400,000 Units.
All securities issuable pursuant to the Offering are subject to a four month hold period from the date of issuance in accordance with applicable Canadian securities laws.
The Company also reports that, effective January 31, 2019 and amended March 26, 2019, it signed a Promissory Note (the "Note") with an arms-length third-party (the "Holder") for a principal amount of $100,000. The Note bears interest at 12% per annum. A penalty may apply for non-payment subsequent to March 31, 2019. In recognition of risk, the Holder shall receive a bonus equal to 20% of the value of the Note. The Holder can elect to receive the bonus in cash or Common Shares of the Company. If the Holder elects to receive shares, they will be issued at the market price of the Company at the time of issuance discounted by 10%. Issuance of the shares is subject to approval by the TSX Venture Exchange.
About AUrex Energy Corp.
Aurex Energy Corp. is a Canadian-based resource exploration and development company with its head office in Saskatoon, SK. Aurex is focused on the acquisition and development of a diversified portfolio of resource properties critical to current and future energy production. This includes natural gas for LNG, base metals including copper and zinc, platinum group elements, precious metals, and strategic metals.
AUREX TRADES ON THE TSX VENTURE EXCHANGE UNDER THE SYMBOL "AURX".
For more information, including news releases and technical reports providing more detail on the contents of this news release, please visit our website at www.aurexenergy.ca
For further information:
Gary Billingsley, President
Phone: 306-242-7363
Facsimile: 306-992-0729
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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.
CAUTION REGARDING FORWARD LOOKING STATEMENTS
Certain statements contained herein constitute forward-looking statements. Such forward-looking statements are subject to both known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Corporation to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. The forward-looking statements included in this press release are made as of the date of this release and except as required by law, the Corporation does not undertake any obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release may contain statements within the meaning of safe harbour provisions as defined under United States Securities Laws and Regulations. The above statements are based on the current expectations and beliefs of the management of Aurex and are subject to a number of risks and uncertainties that may cause the actual results to differ materially from those described above.
NOT FOR DISSEMINATION TO U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES