Corex Gold Corporation
TSX VENTURE : CGE

Corex Gold Corporation

October 15, 2010 18:00 ET

Corex Gold Corp. Announces $3,000,000 Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 15, 2010) -

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

Corex Gold Corp. (TSX VENTURE:CGE) (the "Company"), is pleased to announce that it has appointed Casimir Capital Ltd. as its agent (the "Agent") to offer, on a private placement and best-efforts basis, up to 6,000,000 units (the "Units") at a price of $0.50 per Unit for gross proceeds of up to $3,000,000 (the "Offering"). Each Unit consists of one common share of the Company (a "Common Share") and one-half of one non-transferable Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder, on exercise thereof, to purchase one additional Common Share at a price of $0.75 for a period of 24 months from the completion of the Offering. The expiry date of the Warrants will be subject to acceleration such that, should the volume weighted average price of the Common Shares exceed CDN $1.00 for twenty consecutive trading days, the Company may notify the holders of the Warrants that the Warrants will expire on the 30th day after such notice is given unless exercised before such date.

As consideration to the Agents, the Company has agreed to pay a commission of 6.0% of the gross proceeds of the Offering and issue warrants ("Agents' Warrants") equal to 6.0% of the number of Units issued pursuant to the Offering. Each Agents' Warrant entitles the holder, on exercise, to purchase one additional Common Share at a price of $0.50 per share for a period of 24 months from the completion of the Brokered Offering.

All securities issued in connection with the private placement will be subject to a minimum four month hold period. The private placement is subject to the approval of the TSX Venture Exchange.

The Company intends to use the net proceeds of the private placement for continued exploration on its mineral properties and for working capital.

ON BEHALF OF THE BOARD

"Craig D. Schneider"
President & CEO

Cautionary Statement
The foregoing information may contain forward-looking statements relating to the future performance of Corex Gold Corporation. Forward-looking statements, specifically those concerned with future performance are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in Corex Gold Corporation's filings with the appropriate securities commissions.

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

  • Corex Gold Corp.
    Craig Schneider
    President & CEO
    604.683.2505
    or
    Corex Gold Corp.
    Chris Bogart
    VP Corporate Development
    604.683.2505
    604.683-2506 (FAX)
    info@corexgold.com
    www.corexgold.com