VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/24/13 -- Cap-Ex Iron Ore Ltd. (TSX VENTURE: CEV)(FRANKFURT: XOV)(OTCQX: CPXVF) ("Cap-Ex" or the "Company") announces that it has closed a private placement of 20,730,000 units (the "Units") at a price of $0.10 per Unit for proceeds of $2,073,000. Each Unit is comprised of one common share (the "Shares") and one share purchase warrant (the "Warrants"). Each Warrant entitles the holder to purchase one common share (the "Warrant Shares") of the Company at an exercise price of $0.20 for a period of 24 months from the date of issue.
The holders of the Shares and any Warrant Shares issued may not engage in the sale of Shares or Warrant Shares until September 25, 2013.
The Warrants contain certain accelerated exercise clauses. At any time after four months and one day from the date of the closing of the Offering, if the volume weighted average trading price of the common shares of the Company on the TSXV Exchange is greater than $0.50 per share for 20 consecutive trading days, the Company may give written notice to warrant holders that the Warrants will expire 30 calendar days after the dates of such notice.
The Offering was first announced on March 22, 2013 and the terms of the Offering were later amended on April 15, 2013.
The Company intends to use the net proceeds of the Offering to continue to advance its Block 103 Project with a 2013 drilling program, to seek a strategic partner and to apply towards general working capital purposes.
No bonuses, finder's fees or commissions were paid by the Company in connection with the Offering.
Insiders of the Company participated in 45% of the Offering for a total of $940,000.
About Cap-Ex Iron Ore Ltd.
Cap-Ex is a Canadian listed company, focused on the development of its Block 103 Iron Ore Property in the Labrador Trough, near the mining town of Schefferville, Quebec. The Block 103 Property is strategically located close to an existing railway, which can provide a direct link to a shipping port, and is adjacent to New Millennium Iron Corp-Tata Steel LabMag and KeMag deposits and the New Millennium-Tata oxide deposits to the east.
For additional information please visit the Company's website at www.cap-ex.ca.
CAP-EX IRON ORE LTD.
On behalf of the Board
Francois Laurin, President and CEO
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the development potential of the Company's Block 103 iron ore property, future exploration plans and the expected timing for completion of an NI 43-101 mineral resource estimate and a preliminary economic assessment. Generally, forward- looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER 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.
Cap-Ex Iron Ore Ltd.
Most Popular Stories
- Top Hispanic Tech Companies Push for the Top
- 5 Notable Hispanic Technology Executives
- Russia, Crimea Discuss Referendum
- Taco Bell Rings Up Breakfast Menu
- California Establishes Center for Coffee Study
- China Urges Malaysia Flight Emergency Response
- Visa, MasterCard Team Up to Focus on Payment Security
- For Obama, a Last Stab at Improving Ties with Capitol Hill
- Sunday Starts Daylight Saving Time
- 'Holy grail of guitars' OM-45 Deluxe Available in in NY Auction