VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 16, 2012) - Guerrero Exploration Inc. ("Guerrero" or the "Corporation") (TSX VENTURE:GEX) announces that it has closed its previously announced financing by issuing a total of 9,117,000 Units ("Units") at $0.05 each, for total gross proceeds of $455,850.
Each Unit consists of one common share and one common share purchase warrant. Each warrant is exercisable for 5 years from closing at an exercise price of $0.10 per common share, subject to acceleration of the expiry date at the Corporation's option if the shares of the Corporation trade at $0.30 for 10 consecutive days.
Insiders participated as to 600,000 Units. The securities issued are subject to a statutory hold period ending November 27, 2012 on the first closing and December 17, 2011 on the second closing. The Corporation plans to use the proceeds from these financings for general working capital and exploration on the Corporation's mining properties.
The Corporation is immediately undertaking an additional financing on the same terms of up to $600,000, to be used for the same purposes.
About Guerrero Exploration Inc.
Guerrero is committed to a long term business strategy designed to achieve optimal levels of profitability and shareholder value. Guerrero is a Canadian based exploration mining company with a focus on the high yielding Mexican copper, gold and silver mining area known as the Southern Mexican Gold Belt and the Sierra Madre Occidental Belt. The Corporation's common shares trade on the TSX Venture Exchange under the symbol "GEX". For more information, please visit www.grxpl.com or contact investor relations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.