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ATEX Resources Announces $5 Million Private Placement Financing
Vancouver, British Columbia--(Newsfile Corp. - October 14, 2020) - ATEX Resources Inc. (TSXV: ATX) ("ATEX" or the "Company"), is pleased to announce that it has
About this update from Atex Resources Inc.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - October 14, 2020) - ATEX Resources Inc. (TSXV: ATX) (\"ATEX\" or the \"Company\"), is pleased to announce that it has entered into an agreement with Mackie Research Capital Corporation, as sole bookrunner, and Canaccord Genuity Corp. as co-lead agents (the \"Agents\"), in connection with a best efforts, private placement of units of the Company (the \"Units\") at a price of $0.20 per Unit (the \"Offering Price\") for gross proceeds of up to $5,000,000 (the \"Offering\"). Each Unit will be comprised of one common share of the Company (a \"Common Share\") and one Common Share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant shall be exercisable to acquire one Common Share (a \"Warrant Share\") at a price of $0.30 per Warrant Share for a period of 24 months from the closing of the Offering. The Agents will have an option (the \"Agents' Option\") to offer for sale up to an additional 15% of the number of Units sold in the Offering at the Offering Price, which Agents' Option is exercisable, in whole or in part, at any time up to 48 hours prior to the closing of the Offering. ATEX intends to use the proceeds from the Offering to complete a 7,500 metre drill program dedicated to both infill and resource expansion drilling of the near surface Oxide Gold Deposit at the Company's Valeriano Copper Gold Project. In addition to the drilling program, proceeds will also be used for metallurgical studies, geophysical surveys, mapping, trenching and sampling at Valeriano along with regional exploration activities and general corporate purposes. The securities to be issued under the Offering will be offered by way of private placement in each of the provinces of Canada except Quebec, and such other jurisdictions as may be determined by the Company, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws. The Offering is scheduled to close on or about the week of November 9, 2020, or such date as agreed upon between the Company and the Lead Agent (the \"Closing\") and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Exchange. The Units to be issued under the Offering will have a hold period of four months and one day from Closing. In connectio...