Vantex Completes a $2,045,000 Flow Through Financing
July 29 2010 - 3:45PM
Marketwired
Vantex Resources Ltd. (the "Company")(TSX VENTURE: VAX) is pleased
to announce that it has completed a $2,045,000 brokered financing.
The Company will issue 2,045 Units at a cost of $1,000 per Unit.
Each Unit consists of eight (8,000) flow-through common shares at a
price of $0.10 per share, two thousand (2,000) common shares at a
price of $0.10 per share and five thousand (5,000) common share
purchase warrant. Each whole warrant will entitle the holder to
purchase one additional common share in the capital of the Company
for a period of twelve months from the date of issuance, at a
purchase price of $0.15 per share. These shares are subject to a
4-month minimum hold period and the financing is subject to the
approval of the TSX Venture.
In connection with the private placement, Jones Gable &
Company Ltd. will receive a cash commission of $177,020 as well as
2,045,000 Finder's warrants. Each Finder's warrant shall be
exercisable into one unit at a price of $0.10 for a period of 24
months from the closing date.
Proceeds of the Units will be used for general working capital
purposes and to incur general exploration expenses in Quebec. The
expenses will constitute Canadian exploration expenses and
flow-through mining expenditures (as defined in the Income Tax Act
(Canada)), which can be renounced to purchasers for the 2010
taxation year.
Proceeds of the Private Placement will be used for the
development of the Galloway-Pitchvein area.
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. This news release may contain
forward-looking statements including but not limited to comments
regarding the timing and content of upcoming work programs,
geological interpretations, receipt of property titles, potential
mineral recovery processes, etc. Forward-looking statements address
future events and conditions and therefore, involve inherent risks
and uncertainties. Actual results may differ materially from those
currently anticipated in such statements.
Contacts: Source: Guy R. Morissette, CEO Vantex Resources Ltd.
Francois Marcotte CFO & Investor Relations 514-685-9880
francois-marcotte@videotron.ca www.vantexressources.com
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