RX Exploration Inc.

July 13, 2010 18:19 ET

RX Engages IBK Capital Corp. to Facilitate Exercise of Warrants

WINNIPEG, CANADA--(Marketwire - July 13, 2010) - RX Exploration Inc. (CNSX:RXE) (the "Company" or "RX") has retained the services of IBK Capital Corp. ("IBK Capital") to act as its agent in facilitating the exercise of RX's outstanding common share purchase warrants (the "Warrants") which formed part of the units issued pursuant to various private placements completed by the Company.

Pursuant to the engagement, the Company will pay IBK Capital a corporate finance fee equal to 6% of the gross proceeds from the exercise of any or all of the Warrants exercised prior to October 30, 2010. If all of the approximately 71 million Warrants are exercised, they will generate gross proceeds of about Can. $32 million.

About RX Exploration

RX Exploration Inc. is a gold exploration and development company whose strategy is to re-examine gold projects within North America that have previously reached advanced exploration, underground development or past gold production. The Company is currently focused on re-starting the Drumlummon Mine, it's past producing high-grade, bonanza-style, epithermal underground gold and silver mine in Montana. The Company has installed a water treatment system at the mine and mining activities are fully permitted. The Company is engaged in test mining and bulk sampling of Drumlummon feedstock.

The Company's shares are listed on CNSX (Symbol: RXE). There are 111,436,331 common shares issued and outstanding.

This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward-looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee" or similar words suggesting future outcomes or statements regarding an outlook. Such statements include, among others, those concerning the Company's engagement of IBK Capital to facilitate the exercise of warrants and the possible generation of proceeds from the exercise of warrants.

Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management's expectations regarding its ability to complete its development work as expected. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of the Company's continued development work, technical, safety or regulatory issues.

Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company's securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.

CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • RX Exploration Inc.
    Murray R. Nye
    (204) 989-2434