Triex Minerals Corporation
TSX VENTURE : TXM

Triex Minerals Corporation

December 20, 2007 16:09 ET

Triex Minerals Corporation: $6,271,100 Financing Closed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 20, 2007) -

NOT FOR DISSEMINATION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Triex Minerals Corporation (TSX VENTURE:TXM) ("Triex") has closed its previously announced brokered private placement (the "Offering") with a syndicate of agents led by Dundee Securities Corporation, and including, Toll Cross Securities Inc. and Wellington West Capital Markets Inc. (the "Agents"). A total of 993,235 flow-through common shares ("Flow-Through Shares") at $3.40 per Flow-Through Share were issued for gross proceeds of $3,376,999 and a total of 841,667 units ("Units") at $3.00 per Unit for gross proceeds of $2,525,001. Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant (a "Warrant"), is exercisable for an additional common share ("Warrant Share") of Triex for a period of 18 months expiring June 20, 2009 at a price of $3.50. In the event that Triex's common shares trade at a closing price on the TSX Venture Exchange of greater than $4.50 per share for a period of 20 consecutive trading days at any time after four months and one day after the Closing Date, Triex may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire on the 30th day after the date on which such notice is given by Triex.

Triex has also closed its non-brokered private placement of 25,000 Flow-Through Shares at a price of $3.40 per Flow-Through Share and 94,700 Units at a price of $3.00 per Unit for total gross proceeds of $369,100. The non-brokered Units have the same terms as the Units sold under the Offering.

All securities issued are subject to a four month hold period expiring April 21, 2008.

Triex will use the gross proceeds from the sale of the Flow-Through Shares to incur Canadian Exploration Expenses. The net proceeds of the Units will be used for working capital purposes.

The Agents received a cash fee equal to 6% of the gross proceeds of the Offering and 110,094 compensation warrants ("Compensation Warrants") exercisable for non-flow-through common shares ("Compensation Shares") equal to 6% of the number of Flow-Through Shares and Units sold under the Offering. The Compensation Warrants are exercisable at a price of $3.10 per Compensation Share until December 20, 2008.

ON BEHALF OF THE BOARD OF TRIEX MINERALS CORPORATION

Michael Gunning, President

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

Contact Information

  • Triex Minerals Corporation
    Michael Gunning
    (604) 687-6680