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Re: News Release - Friday, November 28, 2008
Auex Ventures Closes $4.4 Million Private Placement
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AuEx Ventures, Inc. (the "Company") is pleased to announce that it has
issued 4,000,000 common shares and 2,000,000 common share purchase
warrants ("Warrants") in the capital of the Company for gross proceeds
of $4,400,000 pursuant to a brokered private placement announced
November 11, 2008. Each Warrant will entitle the holder thereof to
purchase one additional share in the capital of the Company at a price
of $1.38 per share for the first year and $1.65 for the second year
from closing the private placement. In the event that the trading
price of the common shares of the Company closes at or above $2.06 per
share for 20 consecutive trading days in the period commencing four
months after the closing date and up to twelve months after the closing
date or above $2.48 per share thereafter, the Company will have the
right to accelerate the expiry date of the share purchase warrants to
the date which is 30 days after notice is given to the holders of the
Warrants of the accelerated expiry date. Haywood Securities Inc.
acted as agent for the private placement and was paid a commission of
$165,000. The common shares issued, and any common shares issued
pursuant to the exercise of Warrants prior to March 29, 2009, are
restricted from trading until March 29, 2009.
Proceeds of this private placement will be used by AuEx for funding its
participating interest in the Long Canyon Venture, maintenance and
exploration of existing projects and general working capital purposes.
The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended, or any state securities laws, and
may not be offered or sold in the United States absent registration or
an exemption from the registration requirements. This press release
shall not constitute an offer to sell or the solicitation of an offer
to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
AuEx Ventures, Inc. is a precious metals exploration company that has a
current portfolio of twenty exploration projects in Nevada, five
projects in
Argentina and one project in Spain. The Company controls
about 80,000 acres of unpatented claims and fee land in prospective
areas of Nevada. Eleven of the projects are in exploration earn-in or
formal joint venture agreements with five companies who provide
exploration funding. The Company applies the extensive exploration
experience and high-end technical skills of its founders to search for
and acquire new precious metal exploration projects that are then
offered for joint venture.
AuEx Ventures, Inc.
By: Ronald L. Parratt, President & CEO
Contact:
Ronald L. Parratt 775-337-1545 or rparratt@auex.com
This release includes certain statements that may be deemed to be
"forward-looking statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. All statements in this
release, other than statements of historical facts, that address future
production, reserve potential, exploration and development activities
and events or developments that the Company expects, are
forward-looking statements. Although the management of AuEx believes
the expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of future
realities, and actual realities or developments may differ materially
from those in the forward-looking statements. Factors that could cause
actual realities to differ materially from those in forward-looking
statements include market prices, exploration and development
successes, continued availability of capital and financing, and general
economic, market or business conditions. Unless otherwise required by
applicable securities laws, AuEx expressly disclaims any intention and
assumes no obligation to update or revise any forward-looking
statements in the event that management's beliefs, estimates or
opinions, or other factors, should change, whether as a result of new
information, future events or otherwise. Please see our public filings
at www.sedar.com for further information.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR
DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED
HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES
LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S.
PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
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Copyright (c) 2008 AUEX VENTURES INC. (XAU) All rights reserved. For
more information visit our website at http://www.auexventures.com/ or
send mailto:info@auexventures.com
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