RX Exploration Inc.

April 30, 2010 19:12 ET

RX Exploration Completes Last Tranche of Private Placement

TORONTO, ONTARIO--(Marketwire - April 30, 2010) - RX Exploration Inc. (the "Company") (CNSX:RXE) is pleased to announce the completion of the last tranche of a previously disclosed partially brokered private placement totaling 7,611,878 units at $0.30 per unit for gross proceeds of $2,283,563. Each unit consists of one common share of the Company and one share purchase warrant. Each warrant will entitle the holder to acquire one additional common share at a price of $0.40 for two years from closing, provided that the warrant expiry date shall be accelerated to thirty days from the tenth consecutive trading day on which the shares of the Company close at or above $0.60. The common shares are subject to a four month hold period.

Commissions totaling US$169,979 were paid and 635,800 broker's warrants were issued on the brokered portion of the private placement. The broker's warrants are exercisable at $0.30 per share for a two year period.

The proceeds will be used primarily for continued exploration and development on the Company's principal property, the Drumlummon Mine in Montana, general administrative expenses, and working capital. The Company has driven an internal ramp from the 400 level to intersect and access the D-Block Zone as well as the Charly Vein system and has set up a drill station on the hanging wall side of the Charly vein to enable the Company drill the system to depth and along strike.

About RX Exploration Inc.

RX Exploration Inc. is a gold exploration company whose strategy is to re-examine gold projects within North America that have previously reached advanced exploration, underground development or past gold production. The Company is currently focused on re-starting the Drumlummon Mine, its past producing high-grade, bonanza-type, epithermal underground gold and silver mine in Montana.

The Company's shares are listed on CNSX (Symbol: RXE). There are 103,170,431 common shares issued and outstanding.

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.
    Murray R. Nye
    (204) 989-2434