TSX Venture Exchange: TME, Frankfurt Exchange: TQ1 NR-07-19
TORONTO, Oct. 25 - 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 24 months.
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,
"Ian Campbell"
Ian Campbell
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*
Contacts visit the Temex website www.temexcorp.com
or contact
Ian Campbell or Bruce Durham at (416) 862-2246
