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Rockex Mining Corporation Announces Closing of Private Placement

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Rockex Mining Corporation Announces Closing of Private Placement

 

 

 

 

 

Rockex Mining Corporation (TSX:RXM) is pleased to announce the completion of the second (and final) tranche of its previously announced non-brokered private placement of units (see the Corporation’s press release dated April 17, 2013 regarding the first tranche). The Corporation issued a total of 4,928,371 Units in two tranches under the Private Placement to accredited investors or persons otherwise entitled to rely on prospectus exemptions under applicable securities laws for aggregate gross proceeds of $394,269.68. Each Unit was comprised of one common share of the Corporation and one transferable warrant of the Corporation. Each Warrant entitles the holder to purchase one Common Share at a price of $0.20 per share at any time within 24 months after the issuance of the Units. Officers, directors, consultants, other insiders and their associates subscribed for the maximum amount permissible under the rules of the Toronto Stock Exchange. All of the securities issued pursuant to this Private Placement are subject to a four month hold period.
 

This news release is not an offer of securities for sale in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration. This press release shall not constitute an offer to sell or solicitation of an offer to buy nor shall there be any sale of the above described securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
 

About Rockex
 

Rockex’ Western Lake St. Joseph Project – which includes the Eagle Island Deposit, as well as additional potential deposits at Wolf Island and Fish Island – consists of a 100% interest in 23 contiguous mining claims and covers a nominal area of approximately 5,392 hectares located approximately 100 kilometres northeast of Sioux Lookout and 80 kilometres south-southwest of Pickle Lake. Rockex received a NI 43-101 mineral resources estimate for its Eagle Island Deposit concluding that, at an 18% Soluble Iron cut- off grade, there are Indicated Mineral Resources of 590,847,000 tonnes grading 28.84% Fe and Inferred Mineral Resources of 415,757,000 tonnes grading 29.47% Fe in the Eagle Island Deposit (see press release dated February 3, 2011 and the related Technical Report filed on SEDAR).
 

In addition, Rockex holds a 100% interest in three other iron projects in relative close proximity to the Western Lake St. Joseph Project: (i) East Soules Bay, a property consisting of 9 contiguous mining claims (1,408 hectares) in and along the eastern end of Lake St. Joseph, approximately 40 kilometres east of Rockex’ Western Lake St. Joseph Iron Project, (ii) the Doran Lake Property consisting of 4 contiguous mining claims (832 hectares) in and along the north shore of Doran Lake, south of Lake St. Joseph, approximately midway between the Western Lake St. Joseph Iron Project and the East Soules Bay Project, (iii) the Root Lake Project, a property consisting of 4 contiguous claims (832 hectares), approximately 100 kilometres north of Sioux Lookout near the central part of Lake St. Joseph and (iv) the North Spirit Lake Property in the Buckett Lake and Hewett Lake Townships, Red Lake Mining Division, District of Kenora, consisting of eight contiguous mining claims covering 1,536 hectares.

Posted April 24, 2013

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