RX Exploration Inc. Announces Private Placement
20 Juli 2011 - 11:36PM
Marketwired
RX Exploration Inc. (the "Company") (TSX VENTURE: RXE)(OTCQX:
RXEXF) announced today that it completed its previously announced
non-brokered private placement of 5,000,000 units at a price of
$0.456 per unit for gross proceeds of $2,280,000. Each unit is
comprised of one common share and one common share purchase
warrant. Each warrant entitles the holder thereof to purchase one
additional common share at a price of $0.60 for a two year period
beginning on the date that the units were issued.
All of the units issued to subscribers pursuant to the private
placement, including the common shares and the warrants underlying
such units (and the common shares issuable upon the exercise of
such warrants), are subject to a four-month hold period expiring
November 21, 2011.
The Company intends to use the proceeds of the private placement
to advance its business plan, to pay the costs of its recent proxy
fight and for general corporate purposes.
Further details regarding the private placement are discussed in
the Company's amendment to its management information circular
dated June 12, 2011, a copy of which has been filed on SEDAR.
About RX Exploration Inc.
RX Exploration is currently focused on re-starting production
and exploring its Drumlummon Mine, a past producing high-grade,
bonanza-type, epithermal underground gold and silver mine in
Montana.
The Company's shares are listed on the TSX-V (Symbol: RXE) and
on the OTCQX (Symbol: RXEXF). There are 165,858,390 common shares
issued and outstanding.
Cautionary Statement Regarding Forward Looking Information
This press release contains "forward-looking information" within
the meaning of applicable securities laws. Forward-looking
information includes, but is not limited to, the Company's
expectations, intentions, plans and beliefs with respect to, among
other things, the Drumlummon property. Often, but not always,
forward-looking information can be identified by forward-looking
words such as "anticipate", "believe", "expect", "goal", "plan",
"intend", "estimate", "may" and "will" or similar words suggesting
future outcomes, or other expectations, beliefs, plans, objectives,
assumptions, intentions or statements about future events or
performance. Forward-looking information is based on the opinions
and estimates of the Company as of the date such information is
provided and is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information, including the ability to develop and
operate the Drumlummon property, risks associated with the mining
industry such as economic factors (including future commodity
prices, currency fluctuations and energy prices), failure of plant,
equipment, processes and transportation services to operate as
anticipated, environmental risks, government regulation, actual
results of current exploration activities, possible variations in
ore grade or recovery rates, permitting timelines, capital
expenditures, reclamation activities, social and political
developments and other risks of the mining industry. Although RXE
has attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. Readers
should be aware that this forward-looking information is subject to
known and unknown risks, uncertainties and other factors that could
cause actual results to differ materially from those suggested by
such information and are cautioned not to place undue reliance on
such information. By its nature, forward-looking information
involves numerous assumptions, inherent risks and uncertainties,
both general and specific, that contribute to the possibility that
the predictions, forecasts, projections and various future events
will not occur. The Company undertakes no obligation to update
publicly or otherwise revise any forward-looking information
whether as a result of new information, future events or other such
factors which affect this information, except as required by
law.
On Behalf of the Board
Darren Blasutti, President and CEO
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.
Contacts: RX Exploration Inc. Darren Blasutti President and CEO
416.359.9282, ext. 7803
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