ATEX Closes First Tranche Of Up To $5.1 Million Private Placement
ATEX Closes First Tranche Of Up To $5.1 Million Private Placement
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Vancouver, British Columbia, February 3, 2020 - ATEX Resources Inc. ("ATEX") (TSXV: ATX) is
pleased to announce that it has closed the first tranche of a private placement financing of up to $5.1
million (the " Private Placement"). ATEX issued 3,616,333 units (each, a " Unit") at $0.30 per Unit
for gross proceeds of $1,084,899.90. Each Unit consists of one common share and one half of one
common share purchase warrant. Each whole warrant entitles the holder to purchase one common
share at an exercise price of $0.40 per share for a period of three years from the closing date.
ATEX may also conduct one or more further closings up to the ma ximum $5.1 million or 17,000,000
Units (the " Offering"). ATEX has engaged Canaccord G enuity Corp. to act as its fin ancial advisor
for the Offering.
In connection with the financing, ATEX paid a finder's fee of $ 68,943 and issued 229,810 finder's
warrants, which entitle the hol der to purchase 229,810 Units fo r a period of 12 months from the
closing date at a purchase price per Unit of $0.30.
The net proceeds from the priv ate placement will be used for mi neral exploration and general
working capital purposes.
All Private Placement securitie s issued today are subject to a statutory hold period of four months
and one day from the date of issu ance. The hold period will en d on June 1, 2020. Any further
securities issued will have a statutory hold period equal to fo ur months and one day from their
subsequent date of issuance.
An insider has subscribed for an aggregate of 333,333 Units, wh ich is considered a related party
transaction within the meaning of TSX Venture Exchange (the " TSXV") Policy 5.9 and Multilateral
Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101 ").
ATEX relied on exemptions from the formal valuation and minority approval requirements in sections
5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the insider subscription.
The TSXV has conditionally approved the issuance of securities in the Offering and the payment of
the finder's fees, but each remains subject to their final approval.
About ATEX Resources Inc.
ATEX is a minerals exploration company focused on the acquisiti on, development and monetization
of projects throughout the Americas.
On behalf of ATEX Resources Inc.
Carl Hansen, CEO
For more information, email [email protected] or call (604) 684-7160.
Forward Looking Information
This new release may contain forward-looking statements. These statements are based on
current expectations and assumptions that are subject to risks and uncertainties. Actual results
could differ materially because of factors discussed in the man agement discussion and analysis
section of our interim and most recent annual financial stateme nt or other reports and filings
with the TSX Venture Exchange and applicable Canadian securitie s regulations. ATEX does not
assume any obligation to update any forward-looking statements.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this press release.