RE: Nobody has bought highThe pp participants that bought in at $1.05 back in March did so because they realize the potential. Soon enough, they will be in the money. GLTA
Cap-Ex Ventures Completes $12.65 Million Financing
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia, March 30, 2011. Cap-Ex Ventures Ltd. (CEV: TSX-V) ("CEV") is pleased to announce that it has completed its previously announced unit financing. CEV has raised an aggregate of $12,650,000 from the sale of (i) 9,190,476 non-flow through units ("Units") at a price of $1.05 per Unit, and (ii) 2,400,000 flow through units ("FT Units") at a price of $1.25 per FT Unit (collectively, the "Offering"). The Offering was conducted on a best efforts agency basis through Jennings Capital Inc. as sole agent (the "Agent").
Each Unit consists of one common share of CEV and one half of one common share purchase warrant (each whole warrant, a "Warrant") with each Warrant entitling the holder thereof to purchase one common share of CEV at the exercise price of C$1.30 per share for a period of 24 months following the closing of the Offering. Each FT Unit consists of one flow-through common share of CEV (each, an "FT Share" and collectively, the "FT Shares") and one half of one common share purchase warrant (each whole warrant, an "FT Warrant") with each FT Warrant entitling the holder thereof to purchase one common share of CEV at the exercise price of C$1.35 per share for a period of 24 months following the closing of the Offering.
The proceeds received by CEV under the Offering shall be used to fund expenditures on CEV's Schefferville and Lac Connelly properties and for general working purposes. The proceeds from the issuance of the FT Shares comprising the FT Units shall be used to incur exploration expenditures at CEV's Canadian mineral projects which qualify as Canadian exploration expenses under the Income Tax Act (Canada).
The Agent was paid a cash commission equal to 7.0% of the aggregate gross proceeds of the Offering. The Agent was also granted 811,333 non-transferable compensation options (the "Compensation Options"), equal to 7.0% of the combined Units and FT Units sold pursuant to the Offering. Each Compensation Option entitles the holder to acquire one Unit at an exercise price of $1.05 per Unit for a period of 24 months following the closing of the Offering. All securities issued under the Offering are subject to a four-month hold period expiring on July 31, 2011.