Silvore Fox Minerals Corp.
TSX VENTURE : SFX

Silvore Fox Minerals Corp.

April 22, 2009 10:50 ET

Silvore Fox Minerals Corp. Announces Private Placement

HALIFAX, NOVA SCOTIA--(Marketwire - April 22, 2009) - Silvore Fox Minerals Corp. (TSX VENTURE:SFX) announces that it plans to proceed with a non-brokered private placement, subject to regulatory approval, to raise up to $1,000,000. The offering (the "Offering") will consist of units ("Units") and flow- through units ("Flow-Through Units") in amounts to be determined. The Units will be issued at a price of $0.08 per Unit. Each Unit will consist of one Common Share and one-half of one Common Share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to purchase (for a term of 24 months) one Common Share ("Warrant Share") at a price of $0.10 per Warrant Share in the first six months, at a price of $0.12 per Warrant Share in the second six months, and at a price of $0.20 per Warrant Share in the second year. The Flow-Through Units will be issued at a price of $0.10 per Flow-Through Unit. Each Flow-Through Unit will consist of one Common Share to be issued on a flow-through basis pursuant to the Income Tax Act (Canada) and one-half of one Common Share purchase warrant on a non-flow-through basis ("Unit Warrant"). Each Unit Warrant will entitle the holder to purchase (for a term of 24 months) one Common Share ("Unit Warrant Share") at a price of $0.15 per Unit Warrant Share. A finder's fee of 8% of the gross proceeds of the Offering will be paid.

The net proceeds of the Offering will be used for carrying out exploration activities, potential acquisitions of mineral exploration properties, and for general working capital.

About Silvore Fox Minerals Corp.

Silvore Fox Minerals Corp. is a Bedford, Nova Scotia, Canada based public mineral exploration company. On June 4th, 2008, the Corporation acquired 3214399 Nova Scotia Limited as a wholly owned subsidiary, including 100% earned mineral rights to the claims at Coxheath, Cape Breton Island, Nova Scotia (known as the 'Coxheath Deposit'). The Corporation has an experienced management and geological team. The Coxheath deposit model is believed to be analogous to Pacific Rim volcanogenic porphyry copper deposits. Alteration patterns in association with the regional geological setting further suggest a possible model linking the diorite-hosted porphyry-style mineralization at Coxheath and an epithermal system approximately 4 km to the east. Silvore Fox Minerals further recent acquisition agreement of the 'Oceanview' property, strengthens SFX's position as a regional mineral exploration company. It is a complimentary prospect to the multi-element Coxheath deposit.

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

Contact Information

  • Silvore Fox Minerals Corp.
    Harry Cabrita
    President & CEO
    (902) 832-1060
    (902) 422-9208 (FAX)
    or
    Silvore Fox Minerals Corp.
    Fred Bonner
    Vice-President of Exploration
    (902) 832-1060
    (902) 422-9208 (FAX)
    Email: info@silvorefox.com
    Website: www.silvorefox.com