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Apex Resources Inc
Symbol APX
Shares Issued 21,252,445
Close 2020-09-16 C$ 0.125
Recent Sedar Documents

Apex Resources arranges $600,000 private placement

2020-09-16 10:05 ET - News Release

Mr. Arthur Troup reports

APEX RESOURCES ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Subject to the approval of the TSX Venture Exchange, Apex Resources Inc. intends to complete a non-brokered private placement and raise total gross proceeds of up to $600,000 through the issuance of approximately three million units at 10 cents per unit (for gross proceeds of up to $300,000) and three million flow-through units at 10 cents per flow-through unit (for gross proceeds of up to $300,000).

Each unit will consist of one common share and one non-transferable share purchase warrant, with each warrant entitling the holder to purchase one additional common share of the company at a price of 16 cents per common share for a period of one year, subject to an acceleration provision.

Each flow-through unit will consist of one flow-through common share and one-half of one non-transferable share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share of the company at a price of 16 cents per common share for a period of one year, subject to an acceleration provision.

The warrants are subject to an acceleration clause, whereby if the volume-weighted average closing price of the shares on the exchange is 30 cents or more for 20 consecutive trading days at any time subsequent to the expiry of six months from the date of issuance of the warrants, then the company will earn the right by providing notice to the warrantholders to accelerate the expiry date of the warrants to the date that is 30 days from the date of the acceleration notice.

All securities issued in connection with the private placement will be subject to a hold period and may not be traded for four months plus one day from the date of closing of the private placement. Net proceeds from the private placement will be used for property exploration and general working capital.

The company welcomes all qualified investors to participate in the private placement.

Apex is presently focused on the advancement of its Ore Hill gold property in Southern British Columbia. In 2019, preliminary drilling in two holes at Ore Hill intersected new zones of gold mineralization, including 289.97 grams per tonne gold over 0.3 metre (see Dec. 17, 2019, news release). The 2020 drill program is testing the extension of the 2019 intersections along a 1,500-metre-long gold-in-soil anomaly. Drilling is currently under way, and 940 metres of NQ diamond drilling have been completed in five holes. Drill cores from the initial three holes have been logged and split. The cores have been sent for assay, and results are expected in five to six weeks.

Apex's exploration programs are conducted under the supervision of Linda Dandy, PGeo, vice-president of exploration, director, and Perry Grunenberg, PGeo, who are both qualified persons for the purpose of National Instrument 43-101 reporting.

About Apex Resources Inc.

Apex Resources is a Canadian gold exploration and development company focused on British Columbia and the Yukon. Apex Resources has a portfolio of quality properties, including:

  1. The Mount Anderson gold-silver property in the Yukon;
  2. The Kena-Daylight gold property in Southern British Columbia, which is under option to Boundary Gold and Copper Mining Ltd.;
  3. The Jersey-Emerald tungsten-zinc property in Southern British Columbia;
  4. The Ore Hill gold property in Southern British Columbia.

Apex management has a record of mine discovery that includes the discovery and development of the renowned Hemlo gold mine in Ontario and the Mengapur copper-gold-molybdenum porphyry deposit (225 million tonnes at 0.59 per cent copper equivalent) in Malaysia, which is now under development by Monument Mining Ltd.

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