Temex announces private placement offering to raise gross proceeds of up to $6,998,000
20 September 2012 - 8:14AM
PR Newswire (Canada)
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LAW./ TORONTO, Sept. 21, 2012 /CNW/ - Temex Resources Corp.
("Temex" or "the Company") is pleased to announce that it has
entered into an agreement with Stifel Nicolaus Canada Inc.
("Stifel") for a private placement to raise aggregate gross
proceeds of up to $6,998,000 (the "Offering"). The
Offering will be comprised of up to 17,850,000 units (the
"Units") offered at a price of $0.28 per Unit and up to 6,250,000
"flow-through" shares (the "FT Shares") offered at a price of $0.32
per FT Share. Each Unit will consist 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 $0.40 for a
24-month period. The Offering is being made by Stifel as sole lead
agent and a syndicate on a best efforts basis and is expected to
close on or about October 11, 2012. The Offering is subject
to certain conditions including, but not limited to, the receipt of
all necessary regulatory approvals. The agents will be paid a cash
commission of 6% of the gross proceeds from the Offering and will
be issued that number of compensation warrants equal to 6% of the
aggregate number of Units and FT Shares sold pursuant to the
Offering, such compensation warrants having the same terms as the
Units. The Company has agreed to grant Stifel an over-allotment
option (exercisable up to 48 hours prior to the closing of the
Offering) which will allow Stifel to offer up to an additional 20%
of the number of FT Shares or Units (or combination of FT Shares
and Units) issued under the Offering. The aggregate gross proceeds
raised from the sale of FT Shares will be used by the Company to
incur exploration expenditures on its precious metals
properties. Proceeds raised from the sale of Units will be
used for exploration and working capital purposes. The FT Shares
and Units will be subject to the customary securities law and TSX-V
resale restrictions lasting four months and a day from the date of
issue. 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 the Timmins Whitney
Property, in partnership with Goldcorp, and the Juby Gold Project.
The Whitney Property has NI 43-101 compliant resources on the Upper
Hallnor of 3.0 million tonnes at a grade of 2.44 g/t gold for
234,300 ounces of gold in the Measured category, 8.8 million tonnes
at a grade of 1.97 g/t gold for 555,900 ounces of gold in the
Indicated category, and 4.1 million tonnes at a grade of 1.82 g/t
gold for 241,000 ounces of gold in the Inferred category, all at a
cut-off grade of 0.30 g/t gold (Note 1). The Juby Main Zone has NI
43-101 compliant resources of 22.3 million tonnes at a grade of
1.30 g/t gold for 934,645 ounces of gold in the Indicated category
and 28.2 million tonnes at a grade of 1.00 g/t gold for 905,621
ounces of gold in the Inferred category, both at a cut-off grade of
0.40 g/t gold (Note 2). Temex also has a NI 43-101 compliant
resource for tailings material on its Gowganda Silver
Project. The tailings piles contain a NI 43-101 compliant
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 (note 3). Notes: 1. Information regarding the
mineral resource estimate on the Upper Hallnor is in the Company's
news release dated September 5, 2012; the technical report will be
filed on SEDAR within 45 days of this date. The Mineral Resource
Statement was prepared for Temex by P&E Mining Consultants Inc.
of Brampton, Ontario in accordance with NI 43-101 by Eugene
Puritch, P.Eng., Yungang Wu, P.Geo., and Antoine Yassa, P.Geo.,
"independent qualified persons" as defined by NI 43-101. 2.
Information regarding the mineral resource estimate on the Juby
Main Zone is in the Company's news release dated January 16, 2012
and the technical report filed on SEDAR February 28, 2012. The
Mineral Resource Statement was prepared for Temex by GeoVector
Management Inc., Ottawa, Ontario in accordance with NI 43-101 by
Joe Campbell, BSc, P.Geo., Alan Sexton, MSc, P.Geol., and Allan
Armitage, PhD, P.Geol., "independent qualified persons" as defined
by NI 43-101. 3. 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 in accordance with NI 43-101 by Allan Armitage,
PhD, P.Geol., Alan Sexton, MSc, P.Geo., and Joe Campbell, BSc,
P.Geo., "independent qualified persons" as defined by NI 43-101.
Forward-Looking Information 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, the
expected timing for closing the Offering, and the grant to the
Agent of the over-allotment option. 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 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 orphone:
416-862-2246 toll free: 866-373-6287
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