CALGARY, ALBERTA--(Marketwired - March 12, 2014) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
Margaux Resources Ltd. (TSX VENTURE:MRL) ("Margaux" or the "Corporation") is pleased to announce that it has closed its previously announced non-brokered private placement (the "Private Placement"). The Corporation issued 2,000,000 common shares ("Common Shares") in the capital of the Corporation to exempt buyers on a private placement basis at a price of $0.15 per Common Share for aggregate proceeds of $300,000.
Margaux expects to use the proceeds of the Private Placement towards its anticipated capital program related to its Jersey Emerald Tungsten-Zinc property ("Property"), located in southeastern B.C. once all requisite approvals have been received by Corporation for the option agreement in respect of the Property and for general corporate purposes.
The Common Shares issued pursuant to the Private Placement will be subject to a four-month hold period.
The Private Placement is subject to approval from the TSX Venture Exchange.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Margaux in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities to be offered have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. Person absent registration or an applicable exemption from the registration requirements of such Act or laws.
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 final TSX Venture Exchange approval). The Corporation currently has production from a well the Jumpbush area in south eastern Alberta and the Jersey Emerald Tungsten-Zinc Property, located in southeastern B.C.
This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the forgoing, this press release contains statements concerning the anticipated closing of the Private Placement and the anticipated use of the proceeds of the Private Placement.
Forward-looking statements or information are based on a number of material factors, expectations or assumptions of Margaux which have been used to develop such statements and information but which may prove to be incorrect. 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 proceeds of the Private Placement by Margaux might change if the board of directors of the Corporation 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.