Temex raises $2.66 million pursuant to non-brokered private placement
TSX-V:TME; FWB:TQ1
TORONTO, Oct. 13, 2011 /CNW/ - Temex Resources Corp.
('Temex' or 'the Company') is pleased to announce that it has closed a non-brokered private placement, pursuant to which an aggregate of 1,800,000 units (the 'Units') were sold at a price of $0.20 per Unit and an aggregate of 10,454,700 'flow-through' shares (the 'FT Shares') were sold at a price of $0.22 per FT Share, raising aggregate gross proceeds of approximately $2.66 million (the 'Offering'). Each Unit consists of one common share of the Company and one-half of one common share purchase warrant, with each whole common share purchase warrant entitling the holder to purchase one common share of the Company at a price of $0.26 for a 12-month period.The proceeds raised from the Offering will be used to fund exploration work consisting of predominantly diamond drilling on the high grade Whitney Gold and Gowganda Silver properties and the Juby Gold project, and for general corporate purposes.
In connection with the Offering, the Company has paid aggregate cash finder's fee of $159,602 and issued 717,282 non-assignable warrants of the Company (the 'Finder Warrants'), with each Finder Warrant entitling the holder to purchase one common share of the Company at a price of $0.26 for a 12-month period to Casimir Capital Ltd.
The securities issued in connection with the Offering are subject to a hold period expiring on February 14, 2012.
On behalf of the Board of Directors,
'Ian Campbell'
Ian Campbell
President and CEO
About Temex Resources Corp.
Temex is a Canadian based exploration company focusing on its portfolio of precious metals properties in northeastern Ontario, a world class mining district. Temex is exploring its Timmins Whitney Property, in partnership with Goldcorp, and expanding its NI 43-101 gold resource at the Juby Gold Project (Note 1) with an updated resource estimate planned for fall 2011. The Juby Main Zone has a resource of 14.1 million tonnes at a grade of 1.36 g/t gold for 614,000 ounces of gold in the Indicated category and 18.3 million tonnes at a grade of 1.14 g/t gold for 602,000 ounces of gold in the Inferred category, both at a cut-off grade of 0.50 g/t gold. Temex also has a NI 43-101 compliant resource for tailings material on its Gowganda Silver Project (Note 2). The tailings piles contain resource of 1.94 million tonnes grading 47.5 g/t silver for a contained resource of 2.96 million ounces of silver in the Indicated category.
Notes:
1. Information regarding the mineral resource estimate on the Juby
Main Zone is in the Company's news release dated June 15, 2010 and
the technical report filed on SEDAR July 30, 2010. The Mineral
Resource Statement was prepared for Temex by GeoVector Management
Inc., Ottawa, Ontario according to the 'CIM Standards on Mineral
Resources and Reserves: Definition and Guidelines' (December,
2005), by Allan Armitage, Ph.D., P. Geol., and Joe Campbell,
B.Sc., P.Geo., 'independent qualified persons' as defined by NI
43-101.
2. Information regarding the mineral resource estimate in the
tailings piles located on the Gowganda Silver Project is in the
Company's news release dated June 8, 2011 and the technical report
filed on SEDAR July 21, 2011. The Mineral Resource Statement was
prepared for Temex by GeoVector Management Inc., Ottawa, Ontario
according to the 'CIM Standards on Mineral Resources and Reserves:
Definition and Guidelines' (December, 2005), by Allan Armitage,
Ph.D., P. Geol., Alan Sexton, M.Sc., P.Geo. and Joe Campbell,
B.Sc., P.Geo., 'independent qualified persons' as defined by NI
43-101.
Forward Looking Statements:
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 from the Offering. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to obtain TSX Venture Exchange approval of the Offering, 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 (such assumptions including that final approval will be obtained by the Company from the TSX Venture Exchange with respect to the Offering) 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.
Temex Resources Corp.
CONTACT: please visit www.temexcorp.com or email: info@temexcorp.com or
phone: 416-862-2246 toll free: 866-373-6287