| ||October 18, 2011|
Prominex Closes $200,000 Flow-Through Financing
| ||Vancouver, BC ---Prominex Resource Corp. (TSX:V-PXR) is pleased to announce that it has closed the first tranche of a non-brokered private placement of up to 11,000,000 flow through units ("Units") at CAD $0.05 per unit. (See news release of August 16th, 2011). The Company will issue 4,000,000 units for proceeds of $200,000. Each unit consists of one flow through common share ("Common Share") and one full flow through common share purchase warrant ("Warrant"). Each warrant will be exercisable at CAD $0.10 into one flow through common share for a period of 12 months from the Closing date. |
The proceeds from this financing will be used to continue exploration at the Tulks Hill property located in central Newfoundland. (See news release of August 12th, 2011)
The offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. The securities issued pursuant to the offering will be subject to a four month plus one day hold period from date of issuance.
This news release is not for distribution to U.S. news services or for dissemination in the United States and does not constitute an offer of the securities described herein. The securities proposed to be offered in the private placement have not been registered under the U.S. Securities Act of 1933, as amended, or any State securities laws, and may not be offered or sold in the United States or to U.S. Persons absent registration or an applicable exemption from the registration requirements.
ON BEHALF OF THE BOARD
President and CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT
President and CEO
Prominex Resource Corp.
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