/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 , 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 227,273FT 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.