Micrex Development Corp.
TSX VENTURE : MIX

Micrex Development Corp.

July 19, 2011 17:12 ET

Micrex Announces Financing

CALGARY, ALBERTA--(Marketwire - July 19, 2011) - Micrex Development Corp. ("Micrex" or the "Corporation") (TSX VENTURE:MIX) is pleased to announce that it has accepted an offer from MineralFields Group to purchase 2,800,000 flow-through units at $0.25 per unit for gross proceeds of $700,000 and that it will undertake a non-brokered private placement of up to 2,000,000 units at $0.20 per unit for proceeds of up to $400,000.

Each flow-through unit consists of one flow-through share and one half of a non-flow-through share purchase warrant, each whole warrant is exercisable at a price of $0.32 until January 18, 2013.

Each common share unit consists of one common share and one half of a share purchase warrant, each whole warrant is exercisable at a price of $0.27 for 18 months from the date of closing.

Limited Market Dealer Inc., the exclusive agent for MineralFields, and Industrial Alliance Securities Inc. will receive finder's fees in respect to the Units issued to MineralFields consisting of a total of 8.5% cash commission and options equal to 7% of the number of units issued, each option exercisable into a unit consisting of a common share and a half of a common share purchase warrant on the same terms and conditions above.

Finder's fees consisting of 8.5% cash and 7% options may be paid in connection with the common share unit financing.

The Corporation plans to use the proceeds from these financings to further its exploration program on its Quebec properties. Closing of the financings are subject to applicable regulatory approval and all securities issued in connection with the financing will be subject to applicable hold periods.

About Mineralfields, Pathway and First Canadian Securities

MineralFields Group (a division of Pathway Asset Management) based in Toronto, Vancouver, Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada, 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 (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities® (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®, and have raised over $1 billion in their 10 year history.

MICREX DEVELOPMENT CORP.

Burmis Magnetite/Titanium Property • St. Charles de Bourget Magnetite/Titanium/Rare Earth Property • Fort Steele Placer Property • Bighorn Gold Mine • Banks Gold Mine • Mount Royal Gold Mine • Deadwood Gold Mine • Sunburst Gold Property

FORWARD LOOKING STATEMENTS

Certain statements in this news release are "forward-looking statements", which reflect management's expectations regarding its property and business operations. All statements other than statements of historical fact contained in this news release are forward-looking statements. Such forward-looking statements involve risks and uncertainties, as they reflect management's current beliefs and are based on information currently available to management. There is a specific risk that the financings referred to in this news release may not close. Actual results may differ materially from those anticipated in the statements made. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements are made as of the date of this news release and Micrex assumes no obligation to update or revise them to reflect new events or circumstances except as expressly required by applicable securities law. Further information regarding the uncertainties and risks can be found in the disclosure documents filed by Micrex with the securities regulatory authorities, available at www.sedar.com.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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