/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION
IN THE UNITED STATES/
Symbol "AKV": TSX Venture Exchange
SEC Form 20F Registration CIK: 1194506
Symbol "AXVEF": OTC BB
VANCOUVER, Aug. 15 /CNW/ - Acrex Ventures Ltd. ("Acrex") has closed the first tranche of the private placement announced in its July 19, 2007 Press Release through its best efforts Agent, PI Financial Corp. The Company has sold 2,800,000 Units ("Units") for $0.18 per Unit, and 5,000,000 flow-through Units ("FT Units") for $0.22 per FT Unit - for which the Company has received gross proceeds of $1,604,000.
Each Unit will consist of one non flow-through common share and one-half of a 2-year transferable common share purchase warrant entitling the purchase of one additional common share at $0.50 per share.
Each FT Unit will consist of one flow-through share and one-half of a 2-year transferable common share purchase warrant entitling the purchase of one additional non flow-through common share at $0.50 per share.
The Agent's compensation included a 7% commission paid as to $65,208.02 in cash, and the balance as to 261,511 Units at a deemed price of $0.18 per Unit. The Agent's Units have the same terms as the Units of the Offering. The Agent also received 624,000 compensation options entitling the Agent to purchase up to 614,000 non flow-through shares at an exercise price of $0.23 per share.
All of the shares which are issued as part of the FT Units and Units, and pursuant to the exercise of the warrants, are subject to 4 month hold periods - which will expire December 15, 2007.
This News Release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
ACREX VENTURES LTD.
Per:
T.J. Malcolm Powell,
President
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this Release.