Published on: 4/1/2014 10:45:32 AM Print | Font Sizes:  Normal Text Large Text

Temex raises cash for Timmins gold projects


By: Northern Ontario Business staff

Temex Resources has raised $2.77 million for its Timmins-area gold projects, including the Whitney, which has shown 271 g/t gold in drill core. (PHOTO SUPPLIED)
Temex Resources has raised $2.77 million for its Timmins-area gold projects, including the Whitney, which has shown 271 g/t gold in drill core. (PHOTO SUPPLIED)

Temex Resources has closed a non-brokered private placement, raising $2.77 million for its Timmins-area gold projects.

Under the agreement, an aggregate of 25,223,818 flow-through units were sold at a price of $0.11 each, raising gross proceeds of approximately $2.77 million. Each 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 units may be sold, to raise combined gross proceeds of up to $3 million.
The funds will be used for exploration purposes.

In late February, the company filed NI 43-101 resource reports for its Juby and Whitney gold projects near Timmins.

comments powered by Disqus

Videos

Loading
Loading Viddler Videos

    Advertisement

    Advertisement