Stocks & Investing
Stocks and Investing
Stocks and Investing
Mon, December 26, 2011
Fri, December 23, 2011 
December 23, 2011 16:37 ET
Vantex Raises $482,000 in Flow-Through Units
LA PRAIRIE, QUEBEC--(Marketwire - Dec. 23, 2011) - Vantex Resources Ltd. (the "Company") (TSX VENTURE:VAX)(FRANKFURT:UD7A)(ALPHA:VAX) is pleased to announce the completion of a $482,000 brokered financing.
The Company sold 482 Flow-Through units (the "FT Units") at a purchase price of $1,000 per FT Unit, for a total amount of $482,000. Each FT Units consists of 5,000 flow-through common shares at a price of $0.20 per share 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.
In connection with the private placement, Jones Gable & Company Ltd. will receive a cash commission of $38,560 as well as 144,600 Compensation Options. Each Compensation Option allows for the purchase of one Broker Unit at a price of $0.20 until June 23, 2013. Each Broker Unit being comprised of one common share and one half common share purchase warrant. Each whole common share purchase warrant can be exercised at a price of $0.25 until June 23, 2013.
The securities issued as part of these placements are subject to a minimum hold 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. 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.
