Cap-Ex Closes Financing
Suite 2000 – 1177 West Hastings St Vancouver, BC Canada V6E 2K3 T: 604-669-2279 / F: 604-602-1606 [email protected]
September 2, 2016
Cap-Ex Closes Financing
Cap-Ex Iron Ore Ltd. (TSX-V: CEV) (“Cap-Ex” or the “Company”) is pleased to announce the closing of its previously announced non-brokered private placement (the “Private Placement”) for gross proceeds of $600,000. The Private Placement consisted of the issuance of 10,000,000 units (the “Units”) at a price of $0.06 per unit.
Each Unit consisted of one common share and one half share purchase warrant (the "Warrant") exercisable for a two year term from the closing of the Private Placement at an exercise price of $0.09 per warrant.
The net proceeds of the Private Placement will be used for general working capital and exploration of the Company’s Later Property.
In addition, Cap-Ex reports the granting of 3,350,000 stock options (the “Options”) to certain officers, directors, consultants and employees of the Company. The Options have a term of 5 years and are exercisable at a price of $0.10 per common share. The Options are subject to the acceptance of the TSX Venture Exchange.
All securities issued pursuant to the Private Placement are subject to a statuary hold period expiring on January 1, 2017.
Cap-Ex also announces that in September, 2015, it entered into shares-for-debt agreements with four Directors/officers and one consultant, pursuant to which the company issued 8,450,000 of its common shares at a deemed price of $0.05 per common share to satisfy $422,500 of outstanding amounts owing to these individuals. The shares were subject to resale restrictions for a period of four months from the date of issuance under applicable securities legislation.
ABOUT CAP-EX IRON ORE LTD.
Cap-Ex Iron Ore Ltd. is a Canadian listed company, focused on creating shareholder value through discoveries and strategic development of mineral properties in Canada.
For additional information please visit the Company’s website at www.cap-ex.ca. You may also email [email protected] or call investor relations at (604) 669-2279.
CAP-EX IRON ORE LTD.
“Graham Harris”
Graham Harris CEO
NEITHER 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.
“This news release may contain forward–looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.”