Prominex Resource Corp.

Prominex Resource Corp.

April 04, 2007 16:52 ET

Prominex Resource Corp.: Private Placement, Lake Bond and Investor Relations Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 4, 2007) -

Mr. Allen Rose reports:

Prominex Resource Corp. (TSX VENTURE:PXR) announced today the following:

Private Placement

The private placement announced January 26, 2007 and amended March 1, 2007 has closed. The Company raised $282,000 through the issuance of 1,213,333 Hard Units at $0.15 and 555,554 Flow-Through Units priced at $0.18. Each Hard Unit consisted of one Common Share and one Share Purchase Warrant. Each Flow-Through Unit consisted of one Flow-Through Share and one Share Purchase Warrant. The terms of the Share Purchase Warrant entitled the holder to purchase one additional Common Share for 24 months from the closing date at a price of $0.30 per share for the first 12 months and $0.40 for the remaining 12 months.

The MineralFields Group subscribed for 666,667 Hard Units and 555,555 Flow-Through Units for total proceeds of $200,000 (collectively called "MineralFields Proceeds"). Mr. Lorne King, Prominex's President and CEO subscribed for 200,000 Hard Units for total proceeds of $30,000.

Upon closing of the brokered private placement, Limited Market Dealer Inc. (LMD) was paid a cash commission equal to 5% of the MineralFields Proceeds. The Company also issued Options to LMD to acquire Units in an amount equal to 8% of the total number of Units purchased by the Mineral Fields Group on the same terms Units issued to the MineralFields Group. $5,200 in cash finders' fees were paid to arms-length persons on the non-MineralFields Proceeds.

These terms were accepted by the TSX Venture Exchange on March 9, 2007.

Lake Bond (Reid Lot 50)

The Company has signed a definitive Option Agreement with Reid Newfoundland Company Limited and registered with the Mineral Claims Recorder of Newfoundland. Under the terms of the Option Agreement, the Company can earn a 100% interest in the property by making a non-refundable cash payment of $5,000 upon signing the LOI (paid) and incurring $50,000 in exploration expenditures during the (4) year term. The Optionor retains a 2% Net Smelter Royalty (NSR). The company retains the right to buy back 1% of the NSR for $1,000,000.

The Company received TSX Venture Exchange approval for this acquisition on October 17, 2006 which is also the effective date of the agreement.

Bay Street Connect Ltd.

On March 23, 2007, the TSX Venture Exchange accepted the Investor Relations Agreement with Bay Street Connect as announced on February 26, 2007.


T. Allen Rose, Director

Except for historical information contained herein, the statements in this Press Release may be forward looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, volatility of commodity prices, product demand, market competition, and risks inherent in the Company's operations.

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

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