Prominex Resource Corp. (TSX-V:PXR) has announced a non-brokered private placement of up to 11 million units at $0.05 per unit, with each unit consisting of one common share and one full common share purchase warrant.
The warrants can be exercised at $0.10, expiring one year after the closing date.
Prominex is a mineral exploration company based in Vancouver. Prior to 2005, the company operated as Sino Pacific Development Ltd.
The company said it intends to use the proceeds of the financing to fund continued exploration on the Tulks Hill Cu-Zn project in Newfoundland and Labrador, as well as the Lake Bond mining property, also in Newfoundland.
Prominex said the remainder is to be used for general working capital.
The Tulks Hill project is a joint venture between Prominex and Buchans Minerals Corporation (TSX-V:BMC), formerly known as Royal Roads Corp. (TSX-V:RRO), with Prominex holding a 51% interest.
Prominex could not be reached for comment by press time.
As of close of day Friday, Prominex’s share price was $0.04, an increase of 16.67%.
Emma Crawford