Prominex Resource Corp.

Prominex Resource Corp.

November 09, 2006 16:38 ET

Prominex Announces Flow-Through Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 9, 2006) -

Mr. Allen Rose reports:

Prominex Resource Corp. (TSX VENTURE:PXR) today announced that, subject to Exchange approval, the Company will be raising up to $500,000 through the issuance of 2,777,777 Flow-Through Units priced at $0.18. Each Flow-Through Unit will consist of one Flow-Through Share and one Share Purchase Warrant. Each Share Purchase Warrant will entitle the holder to purchase one additional Common Share for 24 months from the closing date at a price of $0.40 per share for the first 12 months and $0.50 for the remaining 12 months.

The proceeds from this financing will be used for exploration expenditures on its mineral properties in Newfoundland. A finder's fee of up to 10% may be paid to arms length parties with respect to the private placement and 8% brokers' warrants will be issued if placed through Exchange Members.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the "U.S. Securities Act") or any state securities laws an may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registrations is available.


T. Allen Rose, Director

This release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be 'forward-looking statements. 'Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this action may be identified through the use of words such as expects, 'will', 'anticipates', 'estimates', 'believes', or statements indicating certain actions 'may', 'could', or 'might' occur.

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