/Not for Distribution in the United States or dissemination through a U.S. newswire service/
VANCOUVER, BC, Sept. 21, 2022 /CNW/ - Essex Minerals Inc. (the "Company") (TSXV: ESX) (OTCQB: ESXMF) is arranging a non-brokered private placement of 44,000,000 units of the Company (the "Units") at a price of $0.02 per Unit to raise gross proceeds of $880,000. Each Unit will consist of one common share and one share purchase warrant, with one whole warrant entitling the holder to purchase one additional common share (a "Warrant Share") of the Company at a purchase price of $0.05 per Warrant Share for a period of 60 months from the date of closing (the "Offering").
Finders' fees may be payable on all, or part, of the offering, and such finders' fees may be paid in shares in lieu of cash. The completion of the offering, including the issuance of any finders' shares, is subject to acceptance for filing by the TSX Venture Exchange.
Pursuant to Canadian securities laws, any securities issued in the Offering will be subject to a hold period of four months plus one day from the date of issuance.
Essex will use approximately 80% of the net proceeds from the proposed offering for general working capital purposes, its mineral project and mineral royalty generative activities and exploration expenditures on its existing mineral projects, approximately 15% will be used to pay management fees to Company officers and approximately 5% on investor relations activities.
Paul Loudon
President & CEO
www.essexminerals.com
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 securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined under the U.S. Securities Act) absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
SOURCE Essex Minerals Inc
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