Kinetex Resources Corporation

Kinetex Resources Corporation

May 17, 2010 07:00 ET

Kinetex Closes Equity Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 17, 2010) - Kinetex Resources Corporation (TSX VENTURE:KTX) ("Kinetex" or the "Company") is pleased to announce that it has closed a private placement, previously announced on May 5,2010, consisting of 3,525,000 common shares of the Company (the "Shares") at a subscription price of $0.40 per Share, for gross proceeds of $1,410,000 (the "Offering").

All shares issued pursuant to the Offering will be subject to a hold period expiring on September 15, 2010, in accordance with the policies of the TSX Venture Exchange and applicable securities laws.

No Finders' fees were paid in connection with the Offering. Proceeds of the Offering will be used to fund the Company's continuing growth.

About Kinetex

Kinetex is an oil, gas and mineral exploration services company with offices in Vancouver, BC, Calgary, Alberta and Bogota, Colombia. Through its subsidiaries, Kinetex provides data-rich high resolution subsurface images - essentially a brand-new exploration tool - to the energy, metals and minerals exploration and development industries seeking to go beyond the limitations of traditional data acquisition methods.

The Company seeks safe harbour.

Neither 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

  • Kinetex Resources Corporation
    Gil Schneider
    Chief Executive Officer
    604-484-5761 or Toll-Free: 1-888-484-5761
    604-484-5760 (FAX)