Paramax Resources Ltd.

Paramax Resources Ltd.

August 27, 2009 09:00 ET

Paramax Resources Ltd. Financing

CALGARY, ALBERTA--(Marketwire - Aug. 27, 2009) - Paramax Resources Ltd. ("Paramax" or the "Corporation") (TSX VENTURE:PXM) is pleased to announce that it has engaged Byron Capital Markets, a division of Byron Securities Ltd. to complete a brokered private placement for up to $4,000,000 (the "Offering"). The Offering will be comprised of up to 50,000,000 common shares of the Corporation at a price of $0.08 per share. The Offering is expected to close on or about September 15, 2009.

The proceeds from the placement will be used for the fall drilling programs at both its Idaho Project and its Fincastle Project in Alberta. The Corporation intends to drill up to 6 wells in the two project areas during the fourth quarter of 2009.

The Offering is subject to TSX Venture Exchange acceptance.

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. Trading in the securities of the Corporation should be considered highly speculative.

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