Carmax Explorations Ltd.
TSX VENTURE : CMX

Carmax Explorations Ltd.

April 05, 2007 14:43 ET

Carmax Explorations Ltd. Announces a Non-Brokered Private Placement With the MineralFields Group

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 5, 2007) - Carmax Explorations Ltd. (the "Company" and/or "Carmax") (TSX VENTURE:CMX) is pleased to announce that it has agreed to enter into a non-brokered private placement of $600,000 through the sale of 6,000,000 flow-through units ("FT Units") at a price of $0.10 per unit to subscribers associated with the MineralFields Group. Each Unit consists of one common share of the capital stock of the Company, to be issued as a flow-through share (the "FT Share"), and one-half of one non-flow-through common share purchase warrant (the "NFT Warrant") which allows the holder to purchase one common share of the capital stock of the Company that is not a FT Share ("Common Share") at an exercise price of $0.15 per Common Share for each NFT Warrant held with the warrants expiring one year from the date of the closing of the private placement.

A finder's fee of Common Shares equal to 5% of the proceeds raised and options equal to 10% of the proceeds raised is payable with respect to the placement. Each Option entitles the finder to purchase units at an exercise price of $0.10 per unit, with each unit consisting of one Common Share and one NFT Warrant exercisable at a price of $0.15 per Common Share for each NFT Warrant held with the warrants expiring one year from the date of the closing of the private placement.

The proceeds of the private placement 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 Liard Mining Division of the Province of British Columbia.

"We are very pleased to be entering into this relationship with MineralFields Group," said Ernest Peters, President and CEO. "This is an important milestone in the growth of Carmax and we look forward to working with the MineralFields Group as financiers as we further develop the Eaglehead Property."

About MineralFields and Pathway

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assents under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about the MineralFields Group is available at www.mineralfields.com.

The private placement is subject to TSX Venture Exchange approval.

ERNEST PETERS, PRESIDENT

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

WARNING: The Company relies upon litigation protection for "forward-looking" statements. This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of up-coming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Alexandria Minerals Corporation relies upon litigation protection for forward-looking statements.

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

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