VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 1, 2014) - Prominex Resource Corp. (the "Company" or "Prominex") (TSX VENTURE:PXR), announces a non brokered private placement of 6,000,000 Units at $0.05 per unit for gross proceeds of up to $300,000.00 (the "Private Placement"). Each Unit comprises one common share and one full share purchase warrant. Each warrant is exercisable into one common share for a period of 12 months from the date of closing of the private placement at a price of $0.10 per share. All values are in Canadian dollars unless otherwise specified.
Prominex intends to use the proceeds from the transaction for general working capital. Prominex may pay a finder's fee of up to 10% of the proceeds. The finder's fees may be payable in cash or units or a combination of both.
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.
The securities proposed to be offered in the private placement have not been registered under the U.S. Securities Act of 1933, as amended, or any State securities laws, and may not be offered or sold in the United States or to U.S. Persons absent registration or an applicable exemption from the registration requirements.
In addition, the Company has entered into an agreement with a shareholder whereby the shareholder will provided up to $125,000 to the Company by way of shareholder loans. The shareholder loans received under this agreement are unsecured, pay interest at 5% per annum and mature on December 31, 2014. The Company anticipates that it will require $60,000 by way of shareholder loans to the end of June 2014.
ON BEHALF OF THE BOARD
Gordon Barron, President and CEO
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release, and no securities regulatory authority has approved or disapproved of the contents of this release.