Robex Raises $2,231,040 in a Private Placement
QUEBEC CITY, QUEBEC -- (Marketwire) -- 02/22/11 -- Robex Resources Inc. (TSX VENTURE: RBX)(FRANKFURT: RB4) is pleased to announce the closing with success of a first tranche of a private placement of $2,231,040. This placement was announced in the February 21st, 2011 press release.
Under the terms of this private placement, the Company has issued 17, 161, 846 units priced at $0.13 per unit. Each unit consists of one common share of the Company and one-half (1/2) common share purchase warrant. Each full warrant entitles the holder to purchase one additional common share of the Company at $0.18 per share, valid for a period of two years following the closing of this private placement. The closing of the final tranche is planned before the end of March 2011.
Regarding this private placement, a finder's fee of 64, 800$ was paid to a third party, including $43,200 cash and $21,600 in units (166,153 units). These units have the same characteristics as those under the private placement.
The securities issued in this private placement are subject to a four-month hold period under applicable securities legislation and the policies of the TSX Venture Exchange. This placement has received conditional approval from the TSX Venture Exchange.
Net proceeds from this financing will be used to do some drillings on Wili-Wili, to update the Diangounte prefeasibility study and to continue the ongoing feasibility on Nampala. Bumigeme Inc., a Canadian company with a vast experience in the development of dressing procedures and mineral plants operation, has been awarded the contract for performing this feasibility study whose purpose is to define the application modalities of an open-pit mining operation using a 5,000 tons a day cyanide processing plant.
This news release contains statements that may constitute 'forward-looking information' or 'forward-looking statements' within the meaning of applicable securities legislation. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of Robex Resources Inc. ('Robex'). Actual results or achievements may differ materially from those expressed in, or implied by, this forward-looking information. Factors that could cause such differences, without limiting the generality of the following, include: volatility and sensitivity to market metal prices; impact of change in foreign currency exchange rates and interest rate; imprecision in reserves estimates; environmental risks including increased regulatory burdens; unexpected geological conditions; adverse mining conditions; political risks arising from operating in certain developing countries; changes in government regulations and policies, including laws and policies; failure to obtain necessary permits and approvals from government authorities; and other development and operating risks. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that Robex will derive therefrom. Forward-looking information is based on the estimates and opinions of Robex's management at the time the information is released and Robex does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
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:
Investor relations / information:
Andre Gagne, President and CEO
418-527-5023
a.gagne@robexgold.com
Skype: andregagne1
www.robexgold.com