This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Temex Resources arranges $500,000 private placement 2009-11-26 12:18 ET - News Release Mr. Ian Campbell reports TEMEX ANNOUNCES PRIVATE PLACEMENT FINANCING
Temex Resources Corp. has arranged a non-brokered private placement with one institutional investor of up to 1,666,667 flow-through shares at a price of 30 cents per share for gross proceeds of up to approximately $500,000. The offering is expected to close on or about Dec. 1, 2009, subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory approvals.
The proceeds will be used to finance exploration programs on the company's Latchford gold project and Timmins gold camp properties, including diamond drilling in both project areas. The company has intensified its exploration on the Latchford gold project based on the recent discovery of several high-grade gold occurrences (as announced in Stockwatch on Nov. 24, 2009) with continuing field programs consisting of prospecting, geological mapping and soil sampling, as well as planned IP geophysical surveying and diamond drilling. The gross proceeds raised from the offering will be used for Canadian exploration expenses as defined in the Income Tax Act (Canada) and will be renounced for the 2009 taxation year.
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