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