Plexmar Resources Inc.
TSX VENTURE : PLE

Plexmar Resources Inc.

August 18, 2009 12:59 ET

Plexmar Resources Inc.: Update on Private Offering

QUEBEC CITY, QUEBEC--(Marketwire - Aug. 18, 2009) - DISTRIBUTION OF THIS NEWS RELEASE IS RESTRICTED SOLELY TO CANADA. IT CANNOT BE DISTRIBUTED IN THE UNITED STATES THROUGH U.S.-BASED WIRE SERVICES.

Plexmar Resources Inc. ("Plexmar") (TSX VENTURE:PLE) announced on August 4, 2009 that it closed a private offering for a gross amount of $800,000, the updated total is $822,000. The offering was a second and last tranche of a private offering totalling $1,339,500 and consisted in the issuance of a total of 12,177,277 units (the "Units") at a price of $0.11 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 for two years after the closing date at a price of $0.20 for the first year and $0.25 for the second. The offering maximum was originally $1,000,000.

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

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

FORWARD LOOKING STATEMENTS

This news release contains certain forward-looking statements. These statements relate to future events or Plexmar's future economic performance, and carry risks, uncertainties and other factors - both known and unknown - that may appreciably affect the company's accomplishments, economic performance or results when considered in light of the content or implications of statements made by Plexmar. Actual events or results could be significantly different. Plexmar undertakes no obligation, and does not intend, to update these forward-looking statements.

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

Contact Information

  • Guy Bedard
    President and Chief Executive Officer
    418-658-6776