Plexmar Resources Inc.: Completion of a $1,536,000 Private Placement
QUEBEC CITY, QUEBEC -- (Marketwire) -- 12/09/10 -- Plexmar Resources Inc. (TSX VENTURE: PLE) is pleased to announce that it has completed today a private offering for a gross amount of $1,536,000. The offering is the second and final tranche of a private offering, a total of 25,600,000 units (the 'Units') at a price of $0.06 per Unit will be issued. The total amount of this offering was increased to $2,200,000 from the original amount of $950,000 announced on Aug.3rd 2010. Each Unit is comprised of one Plexmar common share and one common share purchase warrant. Each whole common share purchase warrant entitles its holder to subscribe to one additional common share for a period of 18 months at a price of $0.12 per share. Plexmar intends to use the proceeds of this private offering for the implementation of its exploration programs and for its working capital.
For the purposes of the closing of is private offering, Plexmar has granted to some intermediaries a total cash compensation of $100,416 and a total of 1,495,995 broker warrants entitling the holders to subscribe to one additional common share for a period of 18 months at a price of $0.12 per share.
Securities issued as part of this offering are subject to a four-month hold period under applicable securities legislation.
The Board of Directors has approved the grant of an aggregate of 1,975,000 options to acquire common shares in the capital of the Company at a price of $0.11 to officers, directors and employees of the Corporation. Such options (and the common shares exercisable upon exercise) are exercisable for a period of 5 years from the date of grant and will be subject to applicable securities law hold periods.
This press release includes certain statements that may be deemed 'forward-looking statements'. All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements
include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
PROFILE
Plexmar is a junior company focused on precious metals in Peru.
PROPERTIES
Gold: Peru: Oro Del Norte, Marilia, Bolsa Del Diablo
CORPORATE INFO
196 M shares outstanding
Neither 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.
Contacts:
Plexmar Resources Inc.
Guy Bedard
President
418-658-6776 ext.107
www.plexmar.com
Paradox Public Relations:
866-460-0408
514-341-0408