Parex Resources Inc.
TSX VENTURE : PXT

Parex Resources Inc.

November 19, 2009 19:11 ET

Parex Provides Share Purchase Warrant Information

CALGARY, ALBERTA--(Marketwire - Nov. 19, 2009) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Parex Resources Inc. ("Parex" or the "Company") (TSX VENTURE:PXT) provides the following update respecting the Company's share purchase warrants (the "Warrants") which are currently trading on the TSX Venture Exchange ("TSXV") under the symbol PXT.W.

The Warrants expire at 4:30 p.m. (Calgary time) on Sunday December 6, 2009. Accordingly, holders of Warrants wishing to exercise their Warrants are advised to do so before close of business (Calgary time) on Friday December 4, 2009. The expiry time will not be extended beyond Sunday December 6, 2009.

Trading in the Warrants on the TSXV shall settle on a "for cash" basis starting on Tuesday December 1, 2009 and continuing through the close of the market on Friday December 4, 2009. Trading of the Warrants on the TSXV shall cease on the close on Friday December 4, 2009.

Warrants may be exercised only by holders who, at the time of exercise, are not located in the United States, who are not a "U.S. Persons" (as referred to in applicable U.S. securities laws) and who are not exercising the Warrants for the account or benefit of a U.S. Person or a person in the United States, unless the holder provides a legal opinion or other evidence reasonably satisfactory to Parex and its counsel to the effect that the exercise of the Warrants does not require registration under the U.S. Securities Act or U.S. state securities laws. It is anticipated that only a few, if any, U.S. holders of Warrants will be able to provide a satisfactory legal opinion to permit such holders to exercise their Warrants. Consequently, most U.S. holders of Warrants will be unable to exercise their Warrants and are advised to take note of the above information respecting the trading of the Warrants on the TSXV.

This news release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction.

Forward-Looking Statements

Certain statements regarding Parex, including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Parex's control. Specifically, and without limitation, all statements included in this press release that address activities, events or developments that either Parex expects or anticipates will or may occur in the future, including management's assessment of future plans, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Parex's control. These risks may cause actual financial and operating results, performance, levels of activity and achievements to differ materially from those expressed in, or implied by, such forward-looking statements. Although Parex believe that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Although the forward-looking statements contained in this Press Release are based upon assumptions which management believes to be reasonable, Parex cannot assure shareholders that actual results will be consistent with these forward-looking statements. Accordingly, Parex cannot give any assurance or make any representations or warranty that the expectations conveyed by the forward-looking statements will prove to be correct and actual results may differ materially from those anticipated in the forward-looking statements. Parex cannot undertake any obligation to publicly update or revise any forward-looking statements other than required by applicable securities law.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Parex Resources Inc.
    Michael Kruchten
    Manager, Investor Relations
    (403) 517-1733
    (403) 265-8216 (FAX)
    or
    Parex Resources Inc.
    Kenneth G. Pinsky
    Vice President, Finance and Chief Financial Officer
    (403) 517-1729
    (403) 265-8216 (FAX)