Prominex Resource Announces Closing of Private Placement
Toronto, Ontario--(Newsfile Corp. - July 23, 2019) - Prominex Resource Corp. (TSXV: PXR) ("Prominex" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement, raising aggregate gross proceeds of $145,000.00 through the issuance of 290,000,000 common shares in the capital of the Company (each, a "Common Share") at a price of $0.0005 per Common Share (the "Offering"). All Common Shares issued pursuant to the Offering are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.
The Offering was completed pursuant to a partial revocation order (the "Partial Revocation Order") issued by the British Columbia Securities Commission on May 13, 2019, as previously announced in the Company's press release dated May 14, 2019. The proceeds of the Offering will be applied towards the payment of outstanding fees owed to the Company's auditors and consultants, filing fees, accounting and bookkeeping fees, professional fees and general working capital. The Company is expected to prepare and file all outstanding continuous disclosure documents with the applicable regulatory authorities and to apply for a full revocation of the cease trade order to which the Partial Revocation Order applies.
Prominex is an exploration and development company. Prominex has been exploring primarily for zinclead-copper-silver-gold mineral deposits. Currently, Prominex is evaluating one project within a base metal rich area of central Newfoundland. The Company's only significant asset is the historic Tulks Hill project, which is situated in central Newfoundland.
On behalf of the Board of Directors
Chief Executive Officer & Director
T: 416 710-4906
This press release may contain forward-looking statements including, but not limited to, comments regarding the timing and content of the Offering as well as the issuance, and if issued, the timing and content of, an order for the full revocation of the cease trade order. 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 statement.
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