LA PRAIRIE, QUEBEC--(Marketwire - March 8, 2013) - Vantex Resources Ltd. (the "Company") (TSX VENTURE:VAX) is pleased to announce that it has completed a first tranche of the previously announced private placement by issuing 101 Flow-Through Units (the "FT Units") at a purchase price of $1,400 per FT Unit for a gross proceed to Vantex of $141,400.
Each FT Unit consists of 8,000 flow through common shares and 2,000 common shares at a price of $0.14 per share and 5,000 share purchase warrants. Each warrant entitles the holder to purchase one additional common share in the capital of the Company for a period of twelve months from the date of issuance, at a purchase price of $0.20 per share.
Proceeds of the flow through common shares will be used to start a 5,000-meter drilling campaign on the Moriss zone of the Galloway project in Quebec. This drilling will verify the lateral and in-depth extensions of the zone and outline an initial resource.
The expenses will constitute Canadian exploration expenses and flow-through mining expenditures (as defined in the Income Tax Act (Canada)), which can be renounced to purchasers for the 2013 taxation year.
In connection with this first closing, Avenue Capital Markets Inc. will receive a cash commission of $14,140 and 101,000 Agent Options. Each Agent Option allows its holder to purchase one additional common share of Vantex at a price of $0.14 for a period of 12 months following the closing.
The securities issued as part of this placement are subject to a minimum hold period of four-month-and-one-day and subject to the approval of the TSX Venture exchange.
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.