Vancouver, British Columbia – Auramex Resource Corp. (the “Company” or “Auramex”) (TSX.V: AUX) announces that it has closed the first tranche of its private placement announced August 17, 2018 of flow-through common shares. A total of 2,337,000 flow-through shares, were issued at an offering price of $0.05 per FT Share for gross proceeds to the Company of $116,850.
The Company incurred $1,109 as a finders’ fee in connection with the placement. The proceeds of the.private placement will be used for property exploration. The flow-through shares issued under this placement are subject to a four-month hold period in Canada.
Insiders subscribed for 60,000 shares of for proceeds of $3,000. Each insider’s subscription will be considered to be a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (“MI 61-101”). The Company intends to rely on an exemption available from the formal valuation requirements under Section 5.5(a) of MI 61-101 and an exemption available from minority approval requirements under Section 5.7(a) of MI 61-101 on the basis that the fair market value of the transactions with the insiders do not exceed 25% of the Company’s market capitalization
Auramex is exploring a large and highly prospective property portfolio at the south end of the Golden Triangle in British Columbia, with properties north, east and south of Stewart, a deep-water port.
The Golden Triangle is beginning to be recognized as one of the most highly mineralized geological settings with excellent exploration potential for future discoveries.
The Golden Triangle region has matured dramatically over the past couple of years, with two mines now in production, road access greatly improved, and a quantum leap in terms of geological understanding of the processes that created some of the largest, and highest-grade metal deposits on the planet.
On behalf of the Board of Directors:
President & CEO
For further information, contact:
VP Corporate Development
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.