Company Closes Loan Transaction and First Tranche of Private Placement Auramex Resource Corp., (the “Company”) announces that it has closed the loan transaction and the first tranche of a private placement originally announced February 24, 2017.
750 Grand Boulevard North Vancouver, BC V7L 3W4
Tel: 604-924-9376 Fax: 604-924-9371
FOR IMMEDIATE RELEASE (TSX V Symbol: AUX) March 7, 2017
Company Closes Loan Transaction and First Tranche of Private Placement
Auramex Resource Corp., (the “Company”) announces that it has closed the loan transaction and the first tranche of a private placement originally announced February 24, 2017.
Under the loan transaction, the Company borrowed a total of $12,000 from investors. The loans mature March 7, 2018 and bear interest at the rate of 10% per annum. The Company issued a total of 38,000 bonus shares and 50,000 bonus share warrants as additional consideration to the lenders. The bonus shares and warrants are subject to a four month hold period under applicable securities laws, and imposed by the TSX Venture Exchange, expiring July 8, 2017. The share warrants are exercisable into 50,000 common shares of the Company for a period of one year expiring March 7, 2018. The Company also announces it will not be proceeding with the loan balance of $3,000 announced.
Under the private placement, the Company has closed a first tranche of 290,000 units at $0.05 per unit. Each unit consists of one common share and one share purchase warrant entitling the holder to purchase one additional common share for a period of two years from the date of issue, at a price of $0.05 per share. The common shares and warrants so issued, and any shares issued pursuant to the exercise of the share purchase warrants, are subject to a four month hold period under applicable securities laws, and imposed by the TSX Venture Exchange, expiring July 8, 2017.
The net proceeds from the two transactions will be employed to retire a portion of third party debt and to provide working capital.
About Auramex Resource Corp. – www.auramex.com
Auramex Resource Corp. is a junior mining exploration company with projects in British Columbia and in Sinaloa State, Mexico. In B.C., the Company holds approximately 20,000 hectares near Stewart, in the Golden Triangle.
For information on Auramex please contact Judie Whitby at (604) 924-9376 or refer to the company’s website: www.auramex.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.