TSX Venture Exchange: TME, Frankfurt Exchange: TQ1
TORONTO, Nov. 2 - Temex Resources Corp. ("the Company") announces the closing of a non-brokered private placement of units (the "Units") previously announced in the Company's news release dated October 25, 2007 (the "Offering"). The Company sold 7,142,856 Units under the Offering at a price of $0.70 per Unit, raising gross proceeds of approximately $5,000,000.
Each Unit is 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 one Common Share at a price of $1.00 until November 2, 2009.
The Company paid an aggregate finder's fee comprised of $90,000, 300,000 Units and 428,571 non-transferable warrants of the Corporation (the "Finder Warrants"). Each Finder Warrant entitles the holder to purchase one Common Share at a price of $0.70 until November 2, 2009.
The proceeds of the Offering will be used to continue the significant exploration underway on the Company's various mineral properties, including its extensive landholdings in the vicinity of Noront Resources' new Double Eagle Ni-Cu-PGE discovery.
The securities issued under the Offering are subject to a hold period expiring on March 3, 2008.
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
please visit the Temex website www.temexcorp.com or contact Ian Campbell or Bruce Durham at (416) 862-2246
