Vantex Increases Flow Through Financing to a Maximum of $2,100,000
July 26 2010 - 11:24AM
Marketwired
Vantex Resources Ltd. (the "Company"), (TSX VENTURE: VAX) announces
that it will increase the previously announced $1,700,000
financing, to a maximum of $2,100,000 due to increased investor
demand.
Vantex has therefore entered into an amended agreement with
Jones, Gable & Company Limited ("Jones, Gable") in respect of a
brokered private placement financing consisting of up to 2,100
units (the "Units") at a purchase price of $1,000 per Unit to raise
gross flow-through proceeds of up to $2,100,000 (the "Private
Placement") on a commercially reasonable effort agency basis.
The Units will consist of eight (8,000) flow-through common
shares at a price of $01.0 per share, two thousand (2,000) common
shares at a price of $0.10 per share and five thousand (5,000)
common share purchase warrant. 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 $0.15 per share.
Proceeds of the Units will be used for general working capital
purposes and to incur general exploration expenses 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 2010
taxation year. The securities issued will be subject to a hold
period of four months and one day.
Proceeds of the Private Placement will be used for the
development of the Galloway-Pitchvein area. The Private Placement
will be subject to approval by 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.
Contacts: Source: Guy R. Morissette, CEO For information:
Francois Marcotte CFO & Investor Relations 514-685-9880
francois-marcotte@videotron.ca www.vantexressources.com
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