News-Fieldex Exploration obtains drilling permits
Fieldex Exploration obtains drilling permits on its Kipawa Lac Sairs Project and issues securities in payment of certain debts
18:50 EST Tuesday, Oct 09, 2012
ROUYN-NORANDA, QC, Oct. 9, 2012 /CNW Telbec/ -
Fieldex Exploration Inc. (TSXV: FLX) (Frankfurt: F7E) announces that it has issued an aggregate of 11,041,100 common shares and issued $416,514 in principal amount of 6% unsecured convertible debentures to three creditors in settlement of debts in an aggregate amount of $968,569. The common shares will be issued at a deemed price of $0.05 per share. The debts resulted from services provided by the creditors.
The debentures bear interest at the rate of 6% per annum, payable annually in arrears on October 9 in each year, commencing October 9, 2013, and will mature on October 9, 2015. The principal amount of the debentures is convertible into units at any time at the option of the holder, starting six months following their issuance, at a conversion price of ten cents ($0.10) per unit, until maturity. Each unit will be comprised of one common share of Fieldex and one-half of a common share purchase warrant. Each whole warrant, if issued, shall entitle the holder thereof to acquire one additional common share of Fieldex at an exercise price of ten cents ($0.10) per share until October 9, 2015. Fieldex has the option to redeem the debentures at any time.
Under applicable securities legislation and the policies of the TSX Venture Exchange, the securities issued in payment of the foregoing debts are subject to a hold period expiring on February 10, 2013.
As a result of the share issuance, there are 79,150,118 common shares of Fieldex issued and outstanding.
In other news, Fieldex announces that it has received from the Ministère des Ressources naturelles et de la Faune (Québec) (Minister of Natural Resources and Wildlife), the Eagle Village First Nations and the Wolf Lake First Nations the permission to begin its fourth drilling campaign on its Kipawa Lac Sairs Project.
The Kipawa Lac Sairs Project is located in the Kipawa alcalin complex, 1.7 kilometres from Matamec Explorations Inc.'s Kipawa rare earth element-yttrium-zirconium deposit, located 100 kilometres northeast of North Bay, Ontario, in northwestern Québec, near the Québec-Ontario border.
The upcoming drilling program will be composed of 26 diamond drill holes totalling around 4,700 metres. The program will be a continuation of the seven-hole diamond drill campaign completed in February, 2012, where Fieldex intersected in hole LS-12-22 1.10 per cent total rare earth oxide (40 per cent heavy REO plus yttrium oxide (Y2O3)) over 19.55 metres at surface approximately 150 metres south of a subparallel 3.3-kilometre-long magnetic anomaly, oriented east to west and identified from a magnetic ground survey completed in February, 2011. No holes were historically drilled along the south vicinity of this anomaly, and a potential extension of the REE zone could be open to the east of hole LS-12-22 if the magnetic anomaly is associated with this REE zone.
Management of the Corporation is presently evaluating the financing options for its fourth drilling campaign on its Kipawa Lac Sairs Project.
About Fieldex:
Fieldex is a mineral resource company actively exploring for base and strategic group metal deposits located throughout Québec, Canada, representing an area of interest over 600 km².
Neither 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 the release.
SOURCE: FIELDEX EXPLORATION INC.
For further information:
Martin Dallaire, eng
President & Chief Executive Officer
Tel.: (819) 762-0609
Fax: (819) 762-0097
mdallaire@fieldexexploration.com
www.fieldexexploration.com