February 24, 2009 08:43 ET

Plexmar Resources Inc. Completes $489,000 Private Offering

QUEBEC CITY, QUEBEC--(Marketwire - Feb. 24, 2009) - DISTRIBUTION OF THIS NEWS RELEASE IS RESTRICTED SOLELY TO CANADA. IT CANNOT BE DISTRIBUTED IN THE UNITED STATES THROUGH U.S.-BASED WIRE SERVICES.

Plexmar Resources Inc. ("Plexmar") (TSX VENTURE:PLE) is pleased to confirm that it has completed today a private offering for a gross amount of $489,000. The offering is a second and last tranche of a private offering totalling $832,000 and consisted in the issuance of a total of 9,780,000 units (the "Units") at a price of $0.05 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 $0.10 per share for two years after the closing date. The Company can trigger the exercise of the warrants if the closing price is at least 0.18$ for ten (10) continuous days. A formal notice shall be sent to the holders following which they will have a period of thirty (30) days to exercise the warrants.

Plexmar intends to use the proceeds of this private offering for the implementation of its exploration programs and for its working capital.

For the purposes of this private offering, Plexmar has granted to some intermediaries a total cash compensation of $9,600.

Securities issued as part of this offering are subject to a four-month hold period under applicable securities legislation.

FORWARD LOOKING STATEMENTS

This news release contains certain forward-looking statements. These statements relate to future events or Plexmar's future economic performance, and carry risks, uncertainties and other factors - both known and unknown - that may appreciably affect the company's accomplishments, economic performance or results when considered in light of the content or implications of statements made by Plexmar. Actual events or results could be significantly different. Plexmar undertakes no obligation, and does not intend, to update these forward-looking statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Plexmar Resources Inc.
    Guy Bedard
    President and Chief Executive Officer
    418-658-6776