Stocks & Investing
Thu, December 22, 2011Wed, December 21, 2011Tue, December 20, 2011Mon, December 19, 2011Vantex Announces Flow-Through Units Offering for a Maximum of $550,000
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Published in Stocks and Investing on Tuesday, December 20th 2011 at 17:01 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
December 20, 2011 19:54 ET
Vantex Announces Flow-Through Units Offering for a Maximum of $550,000
LA PRAIRIE, QUEBEC--(Marketwire - Dec. 20, 2011) - Vantex Resources Ltd. (the "Company") (TSX VENTURE:VAX)(FRANKFURT:UD7A) has entered into an agreement with Jones, Gable & Company Limited ("Jones, Gable") in respect of a brokered private placement financing, for accredited investors, at the following conditions:
A Flow-Through financing for a maximum of $550,000 consisting of a maximum of 550 Flow-Through units (the "FT Units") at a purchase price of $1,000 per FT Unit, on a commercially reasonable effort agency basis. Each FT Units will consist of 5,000 flow-through common shares at a price of $0.20 and 2,500 common share purchase warrants. 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 $0.25 per share.
Proceeds of the FT Units will be used for the continuation of exploration 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 2011 taxation year.
The securities issued as part of this placement are subject to a minimum hold period of four-month-and-one-day 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. 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.
