February 05, 2013 12:54 ET
LA PRAIRIE, QUEBEC--(Marketwire - Feb. 5, 2013) - Vantex Resources Ltd. (the "Company") (TSX VENTURE:VAX) has entered into an agreement with Avenue Capital Markets Inc. in respect of a brokered private placement financing at the following conditions:
A Flow-Through financing for a maximum of $504,000 with a maximum of 360 Flow Through Units (the "FT Units"). Each FT Units will be offered at a purchase price of $1,400, on a commercially reasonable effort agency basis. Each FT Units will consist of 8,000 flow through common shares and 2,000 common shares at a price of $0.14 per share and 5,000 share purchase warrants. Each warrant will entitle the holder to purchase one additional common share in the capital of the Company for a period of twelve months from the date of issuance, at a purchase price of $0.20 per share.
Proceeds of the flow through common shares will be used for the continuation of drilling on the Moriss zone of the Galloway property in Quebec. The expenses will constitute Canadian exploration expenses and flow-through mining expenditures (as defined in the Income Tax Act (Canada)), which can be renounced to purchasers for the 2013 taxation year.
The securities issued as part of this placement are subject to a minimum hold period of four-month-and-one-day period and subject to the approval of the TSX Venture exchange.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source:Guy MorissetteCEO819-763-5096www.vantexressources.comFor information:Avenue Capital Markets Inc.Jean-Francois Lemay514-395-1221Wayne CarlonVP Development902firstname.lastname@example.org
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