News-Release 2005-11-15 14:01 ET
Micrex Development Corp
Symbol MIX
Shares Issued 27,264,832
Close 2005-11-14 C$ 0.27
Recent Sedar Documents
Micrex raises $25,080 privately; extends unit financing
2005-11-15 14:01 ET - News Release
Mr. Perry Meszaros reports
PRIVATE PLACEMENT CLOSED
Micrex Development Corp. has closed, subject to regulatory approval, a previously reserved arm's-length non-brokered private placement of 114,000 common share units at a price of 22 cents per unit, for gross proceeds of $25,080. Each unit consists of one common share and one warrant entitling the holder to purchase one common share for 30 cents for a period of one year. These securities will be restricted from trading for a four-month-hold period until March 15, 2006. Proceeds will be used for general and administrative expenses, and for permitting expenses on its magnetite properties
Micrex will also extend, until Dec. 20, 2005, its previously announced private placement of up to 166,667 units at a price of $3.60 per unit, for gross proceeds of up to $600,000. Each unit consists of 12 common shares, of which nine common shares are to be issued on a flow-through basis and 12 common share purchase warrants. Each warrant entitles the holder to purchase one common share at 35 cents per share for a period of one year from closing. Insiders of the corporation will be participating in this financing. The corporation anticipates that the proceeds from the private placement will be used as follows:
$150,000: general and administrative expenses, and permitting expenses; and
$350,000: development of the Burmis Magnetite, Quebec Magnetite, Big Horn and other existing properties.