May 06, 2015
Private Placement Oversubscribed and Increased to $620,000
HALIFAX, NOVA SCOTIA -- (May 6, 2015) - Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI) announces:
Private Placement Oversubscribed
Further to the Company's April 14, 2015 announcement of a non-brokered 'existing shareholder' private placement offering (the "Offering") the Company is pleased to announce that it is increasing the placement size from the announced "up to C$500,000" to a total of $621,200. The Offering has been increased to 4,141,333 units at a price of $0.15 per unit, each unit comprised of one common share and one-half share purchase warrant, with each whole share purchase warrant exercisable until January 31, 2016 at an exercise price of $0.30 per Warrant Share. The increase in total proceeds will be added to the Company's working capital. All securities issued will be subject to a four (4) month hold period from the date of closing. The Offering is subject to the approval of the TSX Venture Exchange. All other information regarding the Offering in the April 14, 2015 news release is unchanged.
The Offering period has ended with an oversubscription to $621,200 from the previously announced $500,000. No additional subscriptions are being accepted.
Sale of Fontana
On April 16, 2012 the Company optioned its 25% interest in the 16 claim Fontana gold prospect in the Abitibi region, Quebec, to Trés-Or Resources Limited for $500,000. Merrex received $300,000 after which the option lapsed. In April 2015 Merrex reinstated a new option with Trés-Or allowing it to complete the acquisition of Merrex's 25% interest in Fontana for $125,000. The $125,000 has been paid in full and the sale of Fontana is complete.
Merrex is primarily a West African focused gold exploration company with experienced management, a solid exploration team, a prominent gold-producer as a JV partner and an expanding gold resource.
For further details about the Company's exploration activities or to view the most recent corporate presentation visit Merrex's website at www.merrexgold.com. To be added to Merrex's email contact list please email your request to [email protected]
On Behalf of the Board
Gregory Isenor, P.Geo.
President & CEO
Merrex Gold Inc.
1550 Bedford Highway
Suite 802, Sun Tower
Bedford, NS B4A 1E6
Tel.: (902) 832-5555
Fax: (902) 832-2223
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
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 news release.
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