SOURCE: MMEX Mining Company
DALLAS, TX--(Marketwire - Mar 2, 2012) - MMEX Mining Corporation (OTCBB: MMEX) ("MMEX" or the "Company) is pleased to announced that it completed a private placement of units of the Company (the "Units") to qualified South American investors on February 28, 2012. Kallpa Securities SAB of Lima, Peru ("Kallpa") and other independent broker dealers acted as agents in the offering of the Units on a commercially reasonable best-efforts basis.
The private placement was completed for gross proceeds of US$5,534,288 at an issue price of US$0.20 per Unit. Each unit consisted of one common share of the Company and one common share purchase warrant, each whole warrant entitling the holder to acquire an additional common share at a price of US$0.30 per share for a period of three years. The securities issued pursuant to the private placement are subject to a regulatory hold period of six months.
The net proceeds from the private placement are intended to be used to fully fund MMEX exclusive option agreement to acquire its 50% interest in its first metallurgical mine project in Colombia; and for general working capital purposes.
Jack W. Hanks, President and Chief Executive Officer, commented today,
"This transaction represents a significant milestone for the Company as this placing will enable us to exercise our exclusive option to acquire 50% interest in our first metallurgical mine project in Colombia and start developing the property. We are delighted by the positive reception and the demand for our shares which demonstrates the confidence of investors in our business plan in Colombia."
About MMEX Mining Corporation
MMEX is an exploration stage company engaged in the acquisition and development of coal and other mining assets in South America. The Company searches for commercially viable coal and mineral deposits through acquisitions. MMEX Mining Corporation is publicly traded on the OTC market under the ticker symbol "MMEX" and is headquartered in Dallas, Texas USA. For more information please visit www.mmexmining.com
This document may contain "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "project," "estimate" or similar expressions, it is making forward-looking statements. Forward-looking statements reflect current plans and expectations and are based on information currently available. They are not guarantees of future performance and involve risks and uncertainties, including those discussed in the Company's reports filed from time to time with the Securities and Exchange Commission. The Company assumes no obligation to update or revise any forward-looking statements or to update the reasons why actual results could differ from those projected in any forward-looking statements.