Prominex Resource Corp.
TSX VENTURE : PXR

Prominex Resource Corp.

April 26, 2011 16:17 ET

Prominex Closes Oversubscribed Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 26, 2011) - Prominex Resource Corp. (TSX VENTURE:PXR) has oversubscribed and closed its recently announced non-brokered equity private placement (see News Release April 13, 2011).

The Company will issue 7,175,000 units for gross proceeds of $358,750. Each unit consists of one common share ("Common Share") and one full common share purchase warrant ("Warrant"). Each warrant will be exercisable at CAD $0.10 into one common share for a period of 12 months from date of issuance.

The offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. The securities issued pursuant to the offering will be subject to a four month plus one day hold period from date of issuance.

Proceeds received from the private placement are intended to be used to continue exploration work on the Company's properties in central Newfoundland and for general corporate purposes. Finders' fees were paid to arms-length parties to the Company in the amount of $21,000 cash.

ON BEHALF OF THE BOARD OF DIRECTORS:

Gordon Barron, President and CEO

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

Contact Information

  • Prominex Resource Corp.
    Gordon Barron
    President and CEO
    1.604.566.1094
    www.prominex.ca