Prominex Resource Corp.
TSX VENTURE : PXR

Prominex Resource Corp.

November 11, 2010 09:00 ET

Prominex Resource Corp.: Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 11, 2010) - Prominex Resource Corp. (TSX VENTURE:PXR) announced today that the company is offering a non-brokered private placement of 5,000,000 units ("Units") at CAD $0.05 per unit. Each Unit will consist 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 Closing.

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 and other regulators. The securities issued pursuant to the offering will be subject to a four month plus one day hold period from date of issuance.

The proceeds from this financing will be used to further exploration activities at Tulks Hill and for general working capital including other financing initiatives. A finder's fee of up to 10% may be paid to arms length parties with respect to the private placement.

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