Prominex Resource Corp.

Prominex Resource Corp.

March 10, 2010 09:00 ET

Prominex Resource Corp.: Private Placement Closed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 10, 2010) - Prominex Resource Corp. (TSX VENTURE:PXR) announced today that the TSX Venture Exchange has accepted for filing the final documentation with respect to the Non-Brokered Private Placement announced on January 12th, 2010. The Private Placement is closed for 3,900,000 units at a price of $0.05 per unit for total proceeds of $195,000.00. Each unit consists of one common share ("Common Share") and one common share purchase warrant ("Warrant"). Each whole warrant will be exercisable at CAD$0.10 into one common share for a period of 12 months from Closing.

The securities issued pursuant to the offering will be subject to a four month hold period from date of closing. The proceeds from this financing will be used for general working capital including other financing initiatives. No fees or commissions were paid.

Number of Units: 3,900,000
Purchase Price: $0.05 per Unit
Warrants: 3,900,000
Warrant Exercise Price: $0.10 for a one year
Number of Placees: 32
Share Hold Period: June 11th, 2010
Fees/Commissions: None

Insider and pro Group Participation

Name Insider = Y / Pro Group = P # of shares
Allan Innes Y 100,000
Andrew Howland P 200,000
Jamie Doll P 100,000


"Gordon Barron"
President and CEO

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

Contact Information