CALGARY, ALBERTA--(Marketwired - Jan. 15, 2014) - Margaux Resources Ltd. (TSX VENTURE:MRL) ("Margaux" or the "Corporation") is pleased to announce that it has completed the first tranche of its previously announced non-brokered public offering of common shares issued at a price of $0.08 per share. The Corporation issued 4,625,000 shares at closing for aggregate gross proceeds of $370,000. The securities issued under the private placement are subject to a resale restriction period of four months and one day.
Margaux will use a portion of the proceeds from the private placement for its initial required payment due to Sultan Minerals Ltd. on the previously announced option agreement for the Jersey Emerald Tungsten-Zinc Property (the "Property"), located in southeastern B.C. once all requisite approvals have been received by Corporation for the option agreement.
In addition, the Corporation is also pleased to announce the addition of Edward Lawrence to the Board of Directors of the Corporation, effective immediately. Mr. Lawrence will act as the Corporation's "Qualified Person" under National Instrument 43-101, "Standards of Disclosure for Mineral Projects" with respect to the technical information concerning the Property.
Mr. Lawrence has been involved in the mining industry for 57 years including work in geological field exploration activities and work in mine production in the West Kootenays with a subsidiary of Placer Development (Later became Placer Dome). After working in mine production activities, he spent 4 years managing a major exploration project with Placer in the Yukon and NWT. Then in 1978, after 22 years in the mining industry, he opened a mining consulting business covering mine development from exploration through to production. His experience in production piqued an interest in mine economics which led to economic evaluations of a variety of mineral properties in BC, northern Idaho and northern Washington.
Mr. Lawrence also has 23 years of direct experience specific to the Property. For the past eight years Mr. Lawrence has been involved with the Property, working as a consultant for Sultan Minerals Inc. ("Sultan"). Initially it was guiding the exploration program until 2008, followed by commencing an evaluation of the exploration results and then designing a mine production plan. A review of past tungsten metallurgical methods on the property was also completed and used as a basis for developing an overall plan for production. During this period an economic evaluation was prepared for Sultan, providing a basis for the future development of the Property.
Ed earned a degree in Geological Engineering from UBC in 1959. He was admitted to the APEG of BC in 1965 and has been a member in good standing since that time and is also qualified to act as an underground mine manager.
The Corporation would also like to announce the resignation of Mr. Randy Harrison as Chief Executive Officer of the Corporation and the appointment of Mr. Tyler Rice as Chief Executive Officer. Mr. Harrison will continue as Director and Chairman of the Board of Directors.
About Margaux Resources Ltd.
Margaux is based in Calgary, Alberta and a publicly traded resource company with oil and gas exploration and production and an option on the Jersey Emerald Tungsten-Zinc Property (pending TSX Venture Exchange and shareholder approval of Margaux). The current projects are the Jumpbush oil and gas production in south eastern Alberta and the Jersey Emerald Tungsten-Zinc Property, located in southeastern B.C.
ADVISORY: This press release contains forward looking statements. More particularly, this press release contains statements concerning the anticipated use of the proceeds of the offering and the required approvals for the Sultan option agreement. Although Margaux believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Margaux can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The intended use of the net proceeds of the offering by Margaux might change if the board of directors of Margaux determines that it would be in the best interests of Margaux to deploy the proceeds for some other purpose.
The forward looking statements contained in this press release are made as of the date hereof and Margaux undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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 press release.