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VAX Vantex Resources Ltd

0.055
0.00 (0.00%)
26 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Vantex Resources Ltd TSXV:VAX TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.055 0.05 0.06 0 01:00:00

Vantex Completes a $2,045,000 Flow Through Financing

29/07/2010 8:46pm

Marketwired Canada


Vantex Resources Ltd. (the "Company")(TSX VENTURE:VAX) is pleased to announce
that it has completed a $2,045,000 brokered financing. 


The Company will issue 2,045 Units at a cost of $1,000 per Unit. Each Unit
consists of eight (8,000) flow-through common shares at a price of $0.10 per
share, two thousand (2,000) common shares at a price of $0.10 per share and five
thousand (5,000) common share purchase warrant. Each whole 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
$0.15 per share. These shares are subject to a 4-month minimum hold period and
the financing is subject to the approval of the TSX Venture. 


In connection with the private placement, Jones Gable & Company Ltd. will
receive a cash commission of $177,020 as well as 2,045,000 Finder's warrants.
Each Finder's warrant shall be exercisable into one unit at a price of $0.10 for
a period of 24 months from the closing date. 


Proceeds of the Units will be used for general working capital purposes and to
incur general exploration expenses 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
2010 taxation year. 


Proceeds of the Private Placement will be used for the development of the
Galloway-Pitchvein area. 


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. This news release
may contain forward-looking statements including but not limited to comments
regarding the timing and content of upcoming work programs, geological
interpretations, receipt of property titles, potential mineral recovery
processes, etc. Forward-looking statements address future events and conditions
and therefore, involve inherent risks and uncertainties. Actual results may
differ materially from those currently anticipated in such statements.


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