Margaux Resources Ltd. Announces Closing of First Tranche of Private Placement Offering and Provides Operational Update
January 15 2014 - 8:30AM
Marketwired
Margaux Resources Ltd. Announces Closing of First Tranche of
Private Placement Offering and Provides Operational Update
CALGARY, ALBERTA--(Marketwired - Jan 15, 2014) - Margaux
Resources Ltd. (TSX-VENTURE:MRL) ("Margaux" or the "Corporation")
is pleased to announce that it has completed the first tranche of
its previously announced non-brokered public offering of common
shares issued at a price of $0.08 per share. The Corporation issued
4,625,000 shares at closing for aggregate gross proceeds of
$370,000. The securities issued under the private placement are
subject to a resale restriction period of four months and one
day.
Margaux will use a portion of the proceeds from the private
placement for its initial required payment due to Sultan Minerals
Ltd. on the previously announced option agreement for the Jersey
Emerald Tungsten-Zinc Property (the "Property"), located in
southeastern B.C. once all requisite approvals have been received
by Corporation for the option agreement.
In addition, the Corporation is also pleased to announce the
addition of Edward Lawrence to the Board of Directors of the
Corporation, effective immediately. Mr. Lawrence will act as the
Corporation's "Qualified Person" under National Instrument 43-101,
"Standards of Disclosure for Mineral Projects" with
respect to the technical information concerning the Property.
Mr. Lawrence has been involved in the mining industry for 57
years including work in geological field exploration activities and
work in mine production in the West Kootenays with a subsidiary of
Placer Development (Later became Placer Dome). After working in
mine production activities, he spent 4 years managing a major
exploration project with Placer in the Yukon and NWT. Then in 1978,
after 22 years in the mining industry, he opened a mining
consulting business covering mine development from exploration
through to production. His experience in production piqued an
interest in mine economics which led to economic evaluations of a
variety of mineral properties in BC, northern Idaho and northern
Washington.
Mr. Lawrence also has 23 years of direct experience specific to
the Property. For the past eight years Mr. Lawrence has been
involved with the Property, working as a consultant for Sultan
Minerals Inc. ("Sultan"). Initially it was guiding the exploration
program until 2008, followed by commencing an evaluation of the
exploration results and then designing a mine production plan. A
review of past tungsten metallurgical methods on the property was
also completed and used as a basis for developing an overall plan
for production. During this period an economic evaluation was
prepared for Sultan, providing a basis for the future development
of the Property.
Ed earned a degree in Geological Engineering from UBC in 1959.
He was admitted to the APEG of BC in 1965 and has been a member in
good standing since that time and is also qualified to act as an
underground mine manager.
The Corporation would also like to announce the resignation of
Mr. Randy Harrison as Chief Executive Officer of the Corporation
and the appointment of Mr. Tyler Rice as Chief Executive Officer.
Mr. Harrison will continue as Director and Chairman of the Board of
Directors.
About Margaux Resources Ltd.
Margaux is based in Calgary, Alberta and a publicly traded
resource company with oil and gas exploration and production and an
option on the Jersey Emerald Tungsten-Zinc Property (pending TSX
Venture Exchange and shareholder approval of Margaux). The current
projects are the Jumpbush oil and gas production in south eastern
Alberta and the Jersey Emerald Tungsten-Zinc Property, located in
southeastern B.C.
ADVISORY: This press release contains forward looking
statements. More particularly, this press release contains
statements concerning the anticipated use of the proceeds of the
offering and the required approvals for the Sultan option
agreement. Although Margaux believes that the expectations
reflected in these forward looking statements are reasonable, undue
reliance should not be placed on them because Margaux can give no
assurance that they will prove to be correct. Since forward looking
statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. The intended
use of the net proceeds of the offering by Margaux might change if
the board of directors of Margaux determines that it would be in
the best interests of Margaux to deploy the proceeds for some other
purpose.
The forward looking statements contained in this press
release are made as of the date hereof and Margaux undertakes no
obligations to update publicly or revise any forward looking
statements or information, whether as a result of new information,
future events or otherwise, unless so required by applicable
securities laws.
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 press release.
Margaux Resources Ltd.Mr. Tyler RicePresident and CEO(403)
537-5590tyler@margauxresources.com
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