Canamex Silver Corp.
TSX VENTURE : CSQ.H

September 09, 2010 18:31 ET

Canamex Silver Corp.: Shareholder Approval Received to Change of Business

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 9, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Canamex Silver Corp. (TSX VENTURE:CSQ.H) is pleased to announce that all matters disclosed in the Company's June 2, 2010 News Release were approved by shareholders at the Annual General Meeting held today, September 9, 2010. For particulars of the proposed transactions, including the acquisition of the Bruner Property, subsequent Change of Business and proposed name change, see press releases dated June 2, 2010, July 5, 2010 and August 10, 2010. The Company will now apply to the TSX Venture Exchange for final approval of its Change of Business, approval of its name change to Canamex Resources Corp., and for reinstatement as Tier 2 mining issuer on the Exchange.

The Company further announces that it has re-priced the financing announced in its June 2, 2010 News Release from $0.075 per Unit to $0.05 per Unit. The re-priced financing was conditionally accepted by the TSX Venture Exchange on September 9, 2010. Up to Cdn$300,000 will be raised by Canamex issuing up to 6,000,000 Units at a price of Cdn$0.05 per Unit, each Unit consisting of one common share and one share purchase warrant, each whole warrant entitling the holder to acquire one common share for 12 months from the date of issuance at a price of Cdn$0.15. Proceeds from the private placement will be used for exploration expenditures on the Bruner Property, and for general working capital. Canamex may pay finders' fees in connection with the private placement in accordance with Exchange policies.

ON BEHALF OF THE BOARD

Basil Pantages, President

This press release contains forward-looking statements including, but not limited to, statements regarding approval of the transaction by the Exchange, completion of the proposed financing and Change of Business, and financial and business prospects and financial outlooks. Such forward-looking statements reflect management's expectations regarding future plans and intentions, growth, results of operations, performance and business prospects and opportunities. Words such as may, will, should, could, anticipate, believe, expect, intend, plan, potential, continue, and similar expressions have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management. Forward-looking statements involve significant risks and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including, but not limited to, changes in general economic and market conditions, mineral resources not being verified on the property, unanticipated delays in obtaining regulatory approvals and other risk factors. Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, management cannot assure that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof will not be updated by Canamex except as required by applicable laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Canamex Silver Corp.
    Basil Pantages
    President
    (604) 718-2800
    (604) 718-2808 (FAX)