News Releases
| Mon Jul 26, 2010 Corex Closes $4,352,000 Private Placement | |
| Vancouver, BC -- July 26, 2010 - Corex Gold Corp. (the "Company"), further to its release of July 15, 2010 is pleased to announce it has received final approval from the TSX Venture Exchange (the "Exchange") and has closed on the remaining and final tranche of its non-brokered private placement for the remaining 1,694,000 units at a price of $0.25 per unit ($1,151,920), for a total 6,400,000 units and aggregate gross proceeds of $4,352,000 (the "Offering"). Gammon Gold Inc. (TSX:GAM and NYSE:GRS) as previously announced acquired 4,706,000 units of the Company at a price of $0.68 per unit for proceeds of $3,200,080. Each Unit consists of one common share of the Company (a "Common Share") and one-half of one transferable Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder, on exercise thereof, to purchase one additional Common Share at a price of $0.90 for a period of 24 months from completion of the Offering. Finders' fees of 6% cash and 6% warrants ("Finders Warrant") and an advisory fee were paid on a portion of the Offering, in accordance with the policies of the Exchange. Each Finders Warrant entitles the holder to purchase one common share (a "Finders Share") at a price of $0.68 per Finder Share for a period of 24 months from closing of the Offering for aggregate cash payments of $132,360 and 47,294 Finders Warrants. Net proceeds from the private placement will principally be used for expenses associated with the ongoing development of the Company's Santana Gold project and for general working capital. In accordance with securities legislation currently in effect, the Shares, the Warrants and the Warrant Shares issued pursuant to the Financing will have a restricted "hold" period of four months plus one day from the date of closing of the Financing. ON BEHALF OF THE BOARD "Craig D. Schneider" President & CEO FOR FURTHER INFORMATION PLEASE CONTACT: Craig Schneider President & CEO or Chris Bogart VP Corporate Development Tel: 604.683.2505 Fax: 604.683-2506 E-mail: info@corexgold.com Website: www.corexgold.com Cautionary Statement 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. The foregoing information may contain forward-looking statements relating to the future performance of Corex Gold Corp., in particular the potential for the Santana property to host a large-tonnage gold-silver-copper porphyry system. Forward-looking statements, specifically those concerned with future performance are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in Corex Gold Corp.'s filings with the appropriate securities commissions. | |
