Rockex Mining closes $128K private placement

News Release

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S NEWSWIRE SERVICES

ROCKEX MINING ANNOUNCES CLOSING OF PRIVATE PLACEMENT WITH INSIDER PARTICIPATION

April 13, 2018 – Thunder Bay, Ontario – Rockex Mining Corporation (“Rockex” or the “Corporation”) (CSE: RXM) is pleased to announce the closing today of a private placement (the “Private Placement”) of units (each a “Unit”) at $0.03 per Unit pursuant to which the Corporation issued a total of 4,272,264 Units to accredited investors for gross proceeds of $128,167.92. Rockex applied for and was granted an exemption to the Canadian Securities Exchange’s minimum price rule of $0.05 per security for the purchase price of the Units. Each Unit is comprised of one (1) Common Share and one-half (1/2) transferable warrant of the Corporation (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at a price of $0.05 per share at any time within 60 months after the issuance of the Units.

The following officers and directors of the Corporation (collectively, the “Insiders”) participated in the Transactions for an aggregate of 2,938,931 Units representing 3.59% of the Corporation’s issued and outstanding Common Shares on a partly diluted basis following the closing of the Private Placement:

The cash proceeds received by the Corporation from the sale of the Units will be used by the Corporation principally to improve its financial position, to pay the costs associated with this Private Placement and for general corporate expenses.

All of the securities issued pursuant to this Private Placement are subject to a four (4) month hold period.

The Private Placement is a “related party transaction” as such term is defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Corporation is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under MI 61-101 on the basis that participation in the Private Placement by insiders does not exceed 25% of the fair market value of the Corporation’s market capitalization.

About Rockex

Rockex is a Canadian exploration company focused on developing high quality iron ore assets strategically located in areas largely under-explored, and that host significant mineral potential. Its core asset is the Lake St. Joseph Project which includes the Eagle Island Deposit, as well as additional potential deposits at Wolf Island and Fish Island.

In addition, Rockex holds a 100% interest in the North Spirit Lake Property in the Buckett Lake and Hewett Lake Townships, Red Lake Mining Division, District of Kenora, consisting of eight (8) contiguous mining claims, approximately 170 km northeast of Red Lake, Ontario.

For further information, please refer to the Corporation’s profile on SEDAR which may be accessed at www.sedar.com, and visit our website at www.rockexmining.com.
Contacts:
Pierre Gagné, Chief Executive Officer of Rockex
Phone: (807) 623-2626
Email address: pierre.gagne@rockexmining.com

About the Author: GoldSilverMetals Editor

GoldSilverMetals.ca, a service of CPE Media Inc., is an exclusive news and information provider on Canadian and international gold, silver and other precious and base metal companies.

Leave a Reply