Corex Gold Corporation
TSX VENTURE : CGE

Corex Gold Corporation

September 23, 2009 16:59 ET

Corex Closes $2,300,000 Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 23, 2009) -

"NOT FOR DISTRIBUTION TO U.S NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES"

Corex Gold Corp. (the "Company") (TSX VENTURE:CGE) is pleased to announce it has closed its non-brokered private placement for 4,600,000 units at a price of $0.50 per unit, for aggregate gross proceeds of CDN$2,300,000. Each unit will consist of one common share and one warrant, exercisable by the holder to acquire one additional common share at a price of $0.70 for 24 months from Closing. The warrants are subject to an accelerated expiry which comes into effect once the shares trade above a weighted average price of $1.00 for any twenty consecutive trading-day period, subsequent to four months from Closing. In the event of an accelerated expiry, the expiry date will be the earlier of the regular two year expiry date and 30 days from the date the Company advises the placees of the accelerated expiry. The Company paid finders fees of 5% cash ($82,875) on a portion of the financing. The shares and warrants issued are subject to a four month plus one day hold from the date of closing of the private placement.

The net proceeds from this private placement will be used for additional exploration on Corex's Santana project and for general working capital purposes.

About Corex Gold Corp.

Corex Gold Corp. is a Canadian resource company focused on the acquisition, exploration, and development of precious metal deposits in Mexico. Corex is currently developing its flagship property, the Santana Project, which is a new gold discovery in Sonora, Mexico. In addition, Goldcorp Inc. (TSX:G)(NYSE:GG) has implemented an on-going exploration program on Corex's 100% owned Zuloaga property in Zacatecas, Mexico.

ON BEHALF OF THE BOARD

Craig D. Schneider, President & CEO

Cautionary Statement:

The foregoing information may contain forward-looking statements relating to the future performance of Corex Gold Corp. Forward-looking statements, specifically those concerned with future performance are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in Corex Gold Corp.'s filings with the appropriate securities commissions.

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.

Contact Information

  • Corex Gold Corporation
    Craig Schneider
    President & CEO
    604.683.2505
    or
    Corex Gold Corporation
    Chris Bogart
    VP Corporate Development
    604.683.2505
    604.683.2506 (FAX)
    info@corexgold.com
    www.corexgold.com