Micrex Development Corp.
TSX VENTURE : MIX

Micrex Development Corp.

November 05, 2013 12:03 ET

Micrex Development Corp.: Acquisiton of Quebec Granite Property

CALGARY, ALBERTA--(Marketwired - Nov. 5, 2013) - Micrex Development Corp. (TSX VENTURE:MIX) announced that it has entered into an arm's length agreement to purchase a 100% interest in a granite claim located near Saint-Alexis-des-Monts, Quebec. The property is comprised of one claim covering approximately 88 acres and has operated as a quarry for a number of years.

The Company has, subject to regulatory approval, agreed to pay $780,000 for the property payable $150,000 in cash and $100,000 to be paid in 1,000,000 treasury shares at a deemed price of $0.10 at closing. In addition $100,000 will be paid on each of the second, third, fourth and fifth anniversary dates of closing and $30,000 will be paid on the sixth anniversary date. Micrex shall have the right to elect annually to pay part or all of each annual payment in treasury shares at the then current market price. In addition, the vendor will receive a production royalty of 20% of net sales to be paid quarterly until such time as a total of $100,000 has been paid.

The $150,000 cash portion of the purchase price will be raised by way of private debt. The Company will be issuing up to $300,000 in 3 year notes which will carry a 5% interest rate plus a 5% sales royalty on sales from the granite quarry until repaid, and then a 2% royalty until the Company repurchases the royalty for a total of $300,000. The balance of the funds raised will be used for working capital. Insiders may participate in the offering.

Stan Marshall, President of Micrex stated, "The acquisition of this property should provide the Company with a source of cash flow which would cover its general and administrative costs, enable it to be able to continue to develope its magnetite properties and investigate other opportunities".

Micrex Development Corp. is a mineral exploration company based in Alberta, Canada with properties in North America.

Visit www.mixcorp.com for further details.

MICREX DEVELOPMENT CORP.

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

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.

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. 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.

A mineral exploration and development company operating in Canada and the United States

SEC 12 g (3) Exemption 82-4281

Contact Information