Temex raises aggregate gross proceeds of approximately $8.90 million from brokered and non-brokered private placement financing
October 09 2012 - 9:55AM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY
WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES
LAW./ TORONTO, Oct. 11, 2012 /CNW/ - Temex Resources Corp. ("Temex"
or the "Company") is pleased to announce the closing of its
previously announced brokered private placement offering led by
Stifel Nicolaus Canada Inc. and including M Partners Inc., Casimir
Capital Ltd., and MGI Securities Inc. (collectively, the "Agents")
(see the Company's news release dated September 21, 2012) (the
"Brokered Offering"), pursuant to which an aggregate of 22,670,000
units (each, a "Unit") were sold at a price of $0.28 per Unit and
an aggregate of 6,250,000 "flow-through" shares (each, a "FT
Share") were sold at a price of $0.32 per FT Share, raising gross
proceeds of approximately $8.30 milion. Each Unit consists of
one common share and one-half of one common share purchase
warrant. Each whole common share purchase warrant entitles
the holder to purchase one common share of the Company at a price
of $0.40 for a 24-month period. 4,820,000 of the Units were
sold under the Agent's over-allotment option, which was exercised
in full. The Company also closed a non-brokered private placement
(the "Non-Brokered Financing"), pursuant to which an aggregate of
1,217,860 Units were sold and an aggregate of 803,125 FT Shares
were sold, in each case at the same price as the Brokered Offering,
raising gross proceeds of approximately $598,000. The aggregate
gross proceeds raised from the sale of the FT Shares under the
Brokered Offering and the Non-Brokered Financing (collectively, the
"Offerings") will be used by the Company to incur exploration
expenditures on its precious metals properties. The net
proceeds raised from the sale of the Units under the Offerings are
expected to be used for exploration and working capital purposes.
An institutional investor (owning more than 10% of the outstanding
common shares of Temex prior to the Offerings) subscribed for an
aggregate of 7,100,000 Units and 2,656,250 FT Shares pursuant to
the Brokered Offering. Certain officers and directors of the
Company participated in the Offerings and acquired an aggregate of
240,000 Units. The participation of each such person in the
Offerings constitutes a "related party transaction" under
Multilateral Instrument 61-101, which is exempt from the minority
approval and valuation requirements under such Instrument. The
Agents were paid a cash commission equal to 6% of the gross
proceeds of the Brokered Offering, less the proceeds raised
pursuant to subscriptions by persons involved with, or introduced
to the Brokered Offering by management of, the Company. The
Agents were also issued an aggregate of 1,717,425 non-assignable
warrants of the Company (each, a "Broker Warrant"). Each
Broker Warrant entitles the holder thereof to acquire one Unit of
the Company at a price of $0.28 until October 11, 2014. In
addition, the Company has paid an aggregate cash finder's fee of
$11,760 and has issued an aggregate of 37,500 non-assignable finder
warrants of the Company (each, a "Finder Warrant") in connection
with the Non-Brokered Financing. Each Finder Warrant has the
same terms as the Brokered Warrants. The securities issued under
the Offerings are subject to a hold period expiring on February 12,
2013. 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 from the
Offerings. 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 Offerings, 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 oremail:
info@temexcorp.com or phone: 416-862-2246 toll free:866-373-6287
Copyright