Plexmar Resources Inc.

Plexmar Resources Inc.

April 12, 2010 12:28 ET

Plexmar Resources Inc. Completes $387,850 Private Offering

QUEBEC CITY, QUEBEC--(Marketwire - April 12, 2010) - Plexmar Resources Inc. ("Plexmar") (TSX VENTURE:PLE) is pleased to confirm that it has completed today a private offering for a gross amount of $387,850. The offering is a first tranche of a private offering totaling $1,000,000 and consisted in the issuance of a total of 4,309,444 units (the "Units") at a price of $0.09 per Unit. Each Unit is comprised of one Plexmar common share and one common share purchase warrant. Each whole common share purchase warrant entitles its holder to subscribe to one additional common share at a price of $0.15 per share for eighteen months after the closing date.

Plexmar intends to use the proceeds of this private offering for the implementation of its exploration programs and for its working capital.

For the purposes of this private offering, Plexmar paid a total cash compensation of $15,828.00 to an intermediary.

Securities issued as part of this offering are subject to a four-month hold period under applicable securities legislation.

Stock options

The board of directors has awarded 500,000 stock purchase options at a price of $0.11 to a board member, M. Richard Faucher. These options were granted by the board as a result of the active role Mr. Faucher has played in terms of strategic development for Plexmar in Peru and the technical support he is providing to Plexmar in addition to his role as a director. Over the next few months Mr. Faucher will be advising Plexmar on various aspects of its development and he will be reviewing the performance of the Malin plant due to start in May 2010, as well as actively participate in discussions with our partners in Peru on permitting for exploration and other opportunities. The stock options are valid for a five year period.

Investor relations

The Company has retained the services of Paradox Public Relations Inc. as strategic investor relations consultants to the company. Paradox will focus on developing and expanding Plexmar's communications with the investment community through a comprehensive investor relations program. Services to be provided to Plexmar include: national marketing to the Canadian investment community, use of Paradox's proprietary database and contacts, organizing presentations on behalf of the Company, and providing an e-mail service and incoming call service. Paradox has been engaged pursuant to a 12 month agreement effective April 15th, Under the Agreement, Plexmar has agreed to pay Paradox $5,000 per month, which has already been paid for the duration of the agreement. Paradox has been granted 700,000 incentive stock options at a price of $0.11 per share. The options shall vest and become exercisable at a rate of 25% per quarter over the first twelve-month period. This Agreement is subject to acceptance by the TSX Venture Exchange.

This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.

177 M shares outstanding

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

Contact Information

  • Plexmar Resources Inc.
    Guy Bedard
    418-658-6776 ext.107
    Paradox Public Relations
    514 341-0408