Plexmar Resources Inc.
TSX VENTURE : PLE

Plexmar Resources Inc.

May 18, 2010 11:05 ET

Plexmar Resources Inc.: Bolsa and Financing Update

QUEBEC CITY, QUEBEC--(Marketwire - May 18, 2010) - Plexmar Resources Inc. (TSX VENTURE:PLE) announces that it has received notice from the national public registry that the contract signed with Minera Ucucha SAC for the Bolsa del Diablo project was officially and legally cancelled.

This cancellation notice clears the way for the completion of the on-going negotiations with a private mining and processing Company aimed at resolving the access issues to allow exploration at the Bolsa project.

Private placement

The private placement announced on April 12th 2010 has been completed. A total of $387,850 was placed and no further closing has taken place. No commissions were paid in relation to this offering which consisted in the issuance of a total of 4,309,444 units at a price of $0.09 per Unit. Each Unit is comprised of one Plexmar common share and one common share purchase warrant. Each whole common share purchase warrant entitles its holder to subscribe to one additional common share at a price of $0.15 per share for eighteen months after the closing date.

This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements
include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions
.

PROFILE

Plexmar is a junior company focused on precious metals in Peru and Ecuador

PROPERTIES

Gold: Peru: Oro Del Norte, Marilia, Bolsa Del Diablo

CORPORATE INFO

  • 172 M shares outstanding
  • Symbol: PLE (TSX-V)

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.

Contact Information

  • Plexmar Resources Inc.
    Guy Bedard
    President
    418-658-6776 ext.107
    www.plexmar.com
    or
    Paradox Public Relations:
    866-460-0408
    514-341-0408