Vancouver, BC - May 9, 2016, Corex Gold Corp. ('Corex' or the 'Company'), announces that, further to its news releases of April 14, 2016, the Company has subject to final acceptance from the TSX Venture Exchange has completed the non-brokered private placement offering (the 'Financing') of 20,000,000 units ('Unit') at a price of $0.05 per Unit for gross proceeds of $1,000,000. Each Unit will consist of one common share and one-half of one non-transferable share purchase warrant. Each whole warrant will be exercisable by the holder to acquire one additional common share at a price of CAD$0.15 for a period of twenty four (24) months following the closing of the financing.
The Company has agreed to pay finder's fees of 7% on a portion of the gross proceeds received by the Company from the sale of Units sold pursuant to the Financing which shall include cash of ($26,250), 700,000 compensation shares, and 525,000 warrants ('Agent Warrants'). Each Agent Warrant shall be exercisable in whole or in part at an exercise price of $0.15 for a period of 24 months from the closing of the Financing.
All securities issued pursuant to the Financing will be subject to a statutory four month and one day hold period from the date of closing of the Financing.
Proceeds will be used for the development of the Santana property in Mexico, general operating purposes, settling current trade payables.
About Corex Gold Corp
Corex Gold Corp is a Canadian resource company focused on the near-term production, of its 100% owned flagship property, Santana Project, Sonora State, Mexico. In addition, Goldcorp Inc. has implemented an on-going exploration program on Corex's 100% owned Zuloaga property in Zacatecas State, Mexico.
ON BEHALF OF THE BOARD
'Craig D. Schneider'
President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Craig Schneider,
President & CEO
Tel: 604.683.2505
Fax: 604.683-2506
E-mail: [email protected]
Website: www.corexgold.com
Cautionary Statement:
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.' The foregoing information may contain forward-looking statements relating to the future performance of Corex Gold Corp. Forward-looking statements, specifically those concerned with future performance are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in Corex Gold Corp.'s filings with the appropriate securities commissions. The Company is not basing its production decision (if any), on a feasibility study of mineral reserves demonstrating economic viability and technical feasibility. As a result there is increased uncertainty and a greater risk of economic and technical failure associated with its production decision.