Plexmar Resources Inc.
TSX VENTURE : PLE

Plexmar Resources Inc.

August 14, 2006 17:01 ET

Plexmar Resources Inc.: Financing Closed

SAINTE-FOY, QUEBEC--(CCNMatthews - Aug. 14, 2006) - Plexmar Resources Inc.(TSX VENTURE:PLE), is pleased to announce that it closed the previously announced non-brokered private placement of 6,000,000 units of the Corporation at a price of $0.35 per Unit, for total gross proceeds of $2,1M. Each Unit consists of one (1) common share and one (1) Common Share purchase warrant. Each Warrant shall entitle the holder to acquire one Common Share at a price of $0.41 per share for a period of twenty-four months (24) months following the date of closing.

The Offering is subject to the final approval of TSX Venture Exchange. All securities, shares and warrants, issued in connection with this placement are subject to a four (4) month hold period from the date of closing.

A cash commission of 10% will be paid on part of the amount to non-members. Haywood Securities and Canaccord Adams will receive an aggregate of $4,378 and 25,000 share purchase warrants. The commission is 7% of the proceeds and the warrants equal 10% of the number of shares sold. The warrants entitle the holders to purchase common shares at a price of $0.41 per share for a period of twenty-four months (24) months following the date of closing.

The net proceeds will be used primarily for exploration work on the Corporation's Peruvian properties and for working capital purposes.

110 M shares outstanding

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

Contact Information

  • Plexmar Resources Inc.
    Guy Bedard
    President
    (418) 658-6776
    or
    Paradox Public Relations
    1 (866) 460-0408
    1 (514) 341-0408