Kinetex Resources Corporation

Kinetex Resources Corporation

February 02, 2010 09:15 ET

Kinetex Closes Final Tranche of Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 2, 2010) - Kinetex Resources Corporation (TSX VENTURE:KTX) (the "Company" or "Kinetex") is pleased to announce that it has arranged and closed the second and final tranche of a non-brokered private placement (the "Placement") consisting of 1,479,000 units (a "Unit'), at a subscription price of $0.15 per Unit, and for gross proceeds of $221,850.00.

Each Unit is comprised of one common share (a "Share") and one share purchase warrant (a "Warrant") of the Company. Each Warrant entitles the holder to purchase one additional Share of the Company (a "Warrant Share") at an exercise price of $0.25 per Warrant Share up to and including January 22, 2012. The Warrants are subject to an accelerated exercise provision if the share price of the Company trades at or above a premium of 40% of the exercise price (in effect, $0.35) for 21 or more consecutive trading days.

All Shares issued pursuant to the Placement and any Warrant Shares issued in connection with the exercise of any of the Warrants, if any, will be subject to a hold period expiring on June 2, 2010, in accordance with the policies of the TSX Venture Exchange and applicable securities laws.

Finder's fees of $14,458 in cash have been paid and 96,390 finder's warrants have been issued in conjunction with the closing of the Placement. Each Finder's Warrant entitles the holder to purchase one additional Share of the Company at a price of $0.25 up to and including February 1, 2011.

Proceeds of the Placement will be used to advance development of the Company's business and for general working capital to provide the Company the flexibility to address additional business opportunities that are currently under discussion and proposed for completion in 2010.

About Kinetex

Kinetex is an oil, gas and mineral exploration services company with offices in Vancouver, BC, Calgary, Alberta and Bogota, Colombia. Through its subsidiaries, Kinetex provides data-rich high resolution subsurface images - essentially a brand-new exploration tool - to the energy, metals and minerals exploration and development industries seeking to go beyond the limitations of traditional data acquisition methods.

Neither 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. The company seeks safe harbour.

Contact Information

  • Kinetex Resources Corporation
    Gil Schneider
    Chief Executive Officer
    604-484-5761 or Toll-Free: 1-888-484-5761
    604-484-5760 (FAX)