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TORONTO, March 10, 2014 /CNW/ - Temex Resources Corp.
(TSX-V: TME, FWB: TQ1) ("Temex" or the "Company") is pleased to
announce the closing of a non-brokered private placement (the
"Private Placement"), pursuant to which an aggregate of 25,223,818
"flow-through" units of securities of the Company (each, a "FT
Unit") were sold at a price of $0.11
per FT Unit, raising gross proceeds of approximately $2.77 million. Each FT Unit consists of one
common share of the Company issued on a "flow-through" basis and
one-half of one common share purchase warrant of the Company issued
on a "flow-through" basis. Each such whole warrant entitles the
holder to purchase one common share of the Company at a price of
$0.18 for a 24-month period.
The Company may complete a further tranche under
the Private Placement in the near future, pursuant to which up to
an additional 2,048,910 FT Units may be sold, to raise combined
gross proceeds of up to $3
million.
The gross proceeds raised from the Private
Placement including any proceeds raised under the closing of a
second tranche will be used by the Company to incur exploration
expenditures on its mineral properties.
An officer of the Company participated in the
Private Placement and acquired 227,273 FT Units. The participation
by the officer in the Private Placement constitutes a "related
party transaction" under Multilateral Instrument 61-101 and is
exempt from the minority approval and valuation requirements under
such Instrument.
In connection with the Private Placement, the
Company paid a total cash finder's fee to M Partners Inc. ("M
Partners") and Clarus Securities Inc. ("Clarus") equal to 6% of the
gross proceeds raised under the Private Placement relating to
investors introduced by M Partners and Clarus, respectively, and
has also issued 1,199,834 non-transferable compensation options
(each, an "Option") to M Partners and 299,959 Options to Clarus.
Each Option entitles the holder to purchase one unit of securities
of the Company (each, a "Finder Unit"), at a price of $0.11, for a 24-month period. Each Finder
Unit is comprised of one common share of the Company and one-half
of one common share purchase warrant of the Company. Each such
whole warrant entitles the holder to purchase one common share of
the Company at a price of $0.18 for a
24-month period.
The securities issued under the Private
Placement are subject to a hold period expiring on July 8, 2014.
About Temex Resources Corp.
Temex is a Canadian based exploration company focusing on its
portfolio of precious metals properties in the world class mining
district of northeastern Ontario.
Temex (60% interest) is advancing the Timmins Whitney Gold Project, in partnership
with Goldcorp Canada Ltd. (40% joint venture interest; no back-in
rights), and exploring the Juby Gold Project (100% Temex).
The Whitney Property has a NI 43-101 compliant
resources on the Upper Whitney of 0.97 million tonnes at a grade of
7.02 g/t gold for 218,100 ounces of gold in the Measured category
plus 2.3 million tonnes at a grade of 6.77 g/t gold for 490,500
ounces of gold in the Indicated category and 1.0 million tonnes at
a grade of 5.34 g/t gold for 170,700 ounces of gold in the Inferred
category at a cut-off grade of 3.0 g/t gold (Note 1).
The Juby Gold Project has NI 43-101 compliant
resources of 26.6 million tonnes at a grade of 1.28 g/t gold for
1,090,400 ounces of gold in the Indicated category and 96.2 million
tonnes at a grade of 0.94 g/t gold for 2,908,800 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).
For further information please contact:
Ian Campbell, President and Chief
Executive Officer
icampbell@temexcorp.com
Phone: 416-862-2246
or
Derrick Weyrauch, Chief Financial
Officer
dweyrauch@temexcorp.com
Phone: 416-862-2246
_______
Notes:
- Information regarding the mineral resource estimate on the
Upper Whitney is in the Company's news release dated January 14, 2014 and the technical report filed
on SEDAR on February 27, 2014.
The Mineral Resource Statement was prepared for Temex by P&E
Mining Consultants Inc. of Brampton,
Ontario in accordance with NI 43-101 by Richard Sutcliffe, PhD, P.Geo., Eugene Puritch, P.Eng., David Burga, P.Geo., Yungang Wu, P.Geo.,
Tracy Armstrong, P.Geo., and
Antoine Yassa, P.Geo., "independent
qualified persons" as defined by NI 43-101.
- Information regarding the mineral resource estimate on the Juby
Gold Project is in the Company's news releases dated April 29, 2013 and January
15, 2014 and the technical report filed on SEDAR on
February 26, 2014. 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.Geo., and Duncan Studd, MSc,
P.Geo., "independent qualified persons" as defined by NI
43-101.
- 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 potential for the
completion of a second tranche of the Private Placement and raising
additional gross proceeds, the Company's anticipated use of
proceeds from the Private Placement and mineral resource estimates.
Factors that could cause actual results to differ materially from
such forward-looking information include, but are not limited to,
the failure to obtain final TSX Venture Exchange approval of the
Private Placement, general business and economic uncertainties,
future mineral prices, uncertainties in mineral resource estimates
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.
SOURCE Temex Resources Corp.