Carmax Explorations Ltd.
TSX VENTURE : CMX

Carmax Explorations Ltd.

May 07, 2007 15:21 ET

Carmax Closes Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 7, 2007) - Carmax Explorations Ltd. (the "Company") (TSX VENTURE:CMX) is pleased to announce that it has closed the non-brokered private placement with the MineralFields Group announced in its news release of April 4, 2007. Pursuant to the Private Placement, 6,000,000 Units were placed at a price of $0.10 per Unit providing Carmax with proceeds of $600,000. Each Unit consisted of one flow through share and one half non flow-through share purchase warrant with each full warrant being exercisable at a price of $0.15 to purchase one additional non flow-through common share for period of one year from the date of closing.

The shares and warrants comprising the Units were issued subject to a hold period expiring September 4, 2007.

Limited Market Dealer Inc. received a finder's fee of 300,000 Common Shares and options to purchase 600,000 Units of Carmax at the price of $0.10 per unit with each unit consisting of one non flow-through share and one share purchase warrant exercisable at the price of $0.15 to purchase one additional non flow-through common share for a period of one year following the date of closing.

The proceeds will be used by the Company to fund the first portion of exploration expenses to be incurred in the 2007 exploration season for the continued development of the Company's Eaglehead property located in the Liar Mining Division of the Province of British Columbia.

A further private placement of 2,000,000 Units as announced in the Company's News Release of April 11, 2007 is expected to close imminently. A further release will be made when the second placement is closed.

CHARLES S. UNDERHILL, DIRECTOR & CFO

The Company relies upon litigation protection for "forward-looking" statements.

Contact Information

  • Carmax Explorations Ltd.
    Investor Relations
    (604) 408-2212 or Toll Free: 1-888-408-2212
    (604) 689-4143 (FAX)
    Website: www.carmaxex.com