Prominex Resource Corp.

Prominex Resource Corp.

May 29, 2009 11:38 ET

Prominex Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 29, 2009) - Prominex Resource Corp. (TSX VENTURE:PXR) announced today that the company is offering a private placement of 4,000,000 units of the Company ("Units") at CAD$0.025 per unit. Each Unit will consist of one common share ("Common Share") and one common share purchase warrant ("Warrant"). Each whole warrant will be exercisable at CAD$0.05 into one common share for a period of 12 months from Closing.

100% of the subscribed units may be issued and paid for at the closing date, or 50% of the subscribed units may be issued and paid for at the closing date and the remaining 50% 45 days after the price reservation approval from the TSX. The net proceeds from this offering will be used for general working capital purposes including other financing initiatives.

10% cash finders' fees may be paid to arm's-length eligible persons.

The offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and other regulators. The securities issued pursuant to the offering will be subject to a four month hold period from date of issuance.

In addition the company intends to extend the expiry date of the 11,840,000 common share purchase warrants ("PXR Warrants") that were issued in connection with Prominex's October 9, 2007 private placement. Originally, each PXR Warrant entitled the holder thereof to purchase one common share of Prominex at any time until 1:00 p.m. Pacific time (5:00 p.m. Halifax time) on July 22, 2009 (the "PXR Expiry Date") at a purchase price of CAD$0.13. Prominex will seek approval to extend the PXR Expiry Date of such PXR Warrants to July 22, 2010. Except for the PXR Expiry Date extension, all provisions of the PXR Warrants remain the same. There is one insider of Prominex who holds 6.7% of the PXR Warrants.


James O'Reilly

Daren Collins

Harold Wareham

Paul O'Brien

Michael Collins

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

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