TORONTO, Dec. 2 /CNW/ -- Temex Resources Corp. (TSX Venture: TME, Frankfurt: TQ1) ("Temex" or the "Company") is pleased to announce the closing of its previously announced non-brokered private placement (see the Company's news release dated Nov 26, 2009) (the "Offering"), pursuant to which an aggregate of 1,666,667 "flow-through" shares (the "FT Shares") were sold to one institutional investor at a price of $0.30 per FT Share, raising gross proceeds of approximately $500,000.
The proceeds will be used to fund exploration programs on the Company's Latchford Gold Project and Timmins Gold Camp properties including diamond drilling in both project areas. The Company has intensified its exploration on the Latchford Gold Project based on the recent discovery of several high grade gold occurrences (see the Company's news release dated Nov 24, 2009) with ongoing field programs consisting of prospecting, geological mapping and soil sampling, and planned IP geophysical surveying and diamond drilling. The gross proceeds raised from the Offering will be used for "Canadian exploration expense" as defined in the Income Tax Act (Canada) and will be renounced for the 2009 taxation year.
In connection with the Offering, the Company will pay a cash finder's fee of 7% of the gross proceeds raised under the Offering and has issued 166,666 finder warrants. Each finder warrant entitles the holder to purchase one common share of the Company at a price of $0.35 during a 12-month period.
The securities issued under the Offering are subject to a hold period expiring on April 3, 2010.
Temex is a Canadian exploration company advancing its precious metal, nickel, diamond, and uranium projects in Ontario.
On behalf of the Board of Directors,
President and CEO
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 and renunciation. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, 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 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.