Paramax Resources Ltd V.PXM

Paramax Resources Ltd. Sells Idaho Properties

[box532]

Paramax Resources Ltd.

TSX VENTURE : PXM

March 06, 2012 15:23 ET

Paramax Resources Ltd. Sells Idaho Properties

CALGARY, ALBERTA--(Marketwire - March 6, 2012) - Paramax Resources Ltd. (the "Corporation") (TSX VENTURE:PXM) is pleased to announce that, further it its press release of December 14, 2011, it is has signed a binding Purchase and Sale agreement to sell its complete interest in the Western Idaho Basin to an arm's length party for an amount equal to Five Million dollars ($5,000,000 USD). The entire purchase price is payable in cash. The closing of the sale is subject to regulatory and shareholder approval, with due diligence having been completed on March 5, 2012. Proxy materials will be mailed to all registered shareholders shortly, with a shareholders meeting planned for the end of March. It is expected that the transaction will close in early April.

Paramax continues to review and consider several business opportunities and will provide further information as soon as possible.

[767pilot]

That is 3.75 cents per share roughly........so the stock should trade at 4 or 5 cents after it comes back.   The question will be what does the company do from here.

[nanaimo16]

well they will continue that epic mosey down the dusty road to prosperity. Intesting BUK is back on the trade with 5million on teh bid at .005c with a 100 to one rollback. I will definetlty follow Bridge in futrue for a good entry point. Alot of bitter shareholders on BUK, however one has to be able to capitalize on the roll-back scenerio. I waz involved with Princeton Mining when Imperial Metals

[nanaimo16]

I sold 1/2 at .03c caution flag here....