Canmex Minerals Corporation
TSX VENTURE : CXM

September 07, 2005 15:57 ET

Canmex Minerals Corporation: Private Placement Closed

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 7, 2005) - Canmex Minerals Corporation (TSX VENTURE:CXM) (the "Company") reports that the private placement announced on August 17, 2005 has closed. The Company sold on a non-brokered, private placement basis, 4 million units of the Company at a price of Cdn $0.80 per unit for arms-length investors and a price of $1.00 per unit for non-arms length investors. Total gross proceeds raised were Cdn $3.2 million.

Each unit consists of one common share and one share purchase warrant. Each warrant is exercisable into one common share over a period of one year at a price of Cdn $1.00 per share. However, in the event the closing price of the Company's shares is Cdn $2.00 for 10 consecutive trading days following the expiry of the initial 4 month hold period then the warrants shall expire 10 trading days from such event. The 4 month hold period expires on January 6, 2006. The net proceeds of the private placement will be used for general working capital purposes.

The private placement has received regulatory approval and the securities have now been issued to the investors.

ON BEHALF OF THE BOARD

Lukas H. Lundin, President


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

Contact Information

  • Canmex Minerals Corporation
    Sophia Shane
    Corporate Development
    (604) 689-7842
    (604) 689-4250 (FAX)