RX Exploration Inc.

July 14, 2009 17:28 ET

RX Exploration Completes $783,000 Tranche of Private Placement

TORONTO, ONTARIO--(Marketwire - July 14, 2009) - RX Exploration Inc. (the "Company") (CNSX:RXE) is pleased to announce that on July 8, 2009 it completed a second tranche of the financings announced on July 2, 2009. The Company raised an additional $783,000 consisting of a non-brokered private placement of 1,815,000 units and a brokered private placement of 2,100,000 units through IBK Capital Corp. Each unit consisted of one common share and one share purchase warrant. Each warrant entitles the holder to purchase one additional common share for two years at $0.40 per share (the expiry date shall be accelerated to thirty days from the tenth consecutive trading day on which the common shares of the Company close at or above $0.60). The securities issued are subject to a four month hold period. Cash commissions in the amount of $37,800 (9%) were paid and 210,000 (10%) broker's warrants were issued in connection with the brokered portion of the offerings, resulting in total net proceeds to the Company in the amount of $745,200 which will be used primarily for general administrative expenses and working capital. The broker's warrants are exercisable at $0.20 per share for a two year period.

RX Exploration Inc. is a reporting issuer in good standing in the Province of Ontario whose shares are listed on CNSX (Symbol: RXE). There are currently 72,122,578 common shares issued and outstanding following completion of the private placement.

Forward Looking Statements: Statements made in this news release that relate to future plans, expectations, events or performances are forward looking statements. Such statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.

CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • RX Exploration Inc.
    John F. O'Donnell
    Chairman of the Board
    (416) 862-7330
    RX Exploration Inc.
    Murray R. Nye
    (204) 989-2434