Cap-Ex Provides Update on Non-Brokered Private Placement
MONTREAL, QUEBEC -- (Marketwired) -- 04/15/13 -- Cap-Ex Iron Ore Ltd.
(TSX VENTURE:CEV)(OTCQX:CPXVF)(FRANKFURT:XOV) ("Cap-Ex" or the
"Company") announces that it has agreed to reprice the brokered
private placement ("the Offering") from $0.15 per Unit of Cap-Ex
("the Unit") as previously announced on March 22nd , 2013 to $0.10
per Unit, subject to the approval of the TSX Venture Exchange
("TSXV"). The maximum of $5,000,000 has been reduced to $3,000,000.
Each Unit will be comprised of one common share and one common share
purchase warrant (a "Warrant"). Each whole Warrant will entitle the
holder to purchase one common share of the Company at an exercise
price of $0.20 for a period of 24 months from the date of issue.
Insiders will subscribe up to a maximum amount of $1.3 million.
At any time after four months and one day from the date of the
closing of the Offering, if the volume weighted average trading price
of the common shares of Cap-Ex on the TSXV Exchange is greater than
$.50 per share for 20 consecutive trading days, Cap-Ex may give
written notice to warrant holders that the Warrants will expire 30
calendar days after the dates of such notice.
The Company intends to use the net proceeds of the Offering to
continue to advance its Block 103 Project with a 2013 drilling
program and to seek a strategic partner.
The securities being offered hereby have not been, nor will they be,
registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold in the United States or to,
or for the account or benefit of, U.S. persons absent registration or
an applicable exemption from the registration requirements. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any state or province in which such offer, solicitation
or sale would be unlawful.
Cap-Ex is a Canadian listed company, focused on the development of
its Block 103 Iron Ore Property in the Labrador Trough, near the
mining town of Schefferville, Quebec. The Block 103 Property is
strategically located close to an existing railway, which can provide
a direct link to a shipping port, and is adjacent to New Millennium
Iron Corp-Tata Steel LabMag and KeMag deposits and the New
Millennium-Tata oxide deposits to the east.
For additional information please visit the Company's website at
CAP-EX IRON ORE LTD.
On behalf of the Board
Francois Laurin, President and CEO
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the
meaning of applicable Canadian securities legislation.
Forward-looking information includes, but is not limited to,
statements with respect to the development potential of the Company's
Block 103 iron ore property, future exploration plans and the
expected timing for completion of an NI 43-101 mineral resource
estimate and a preliminary economic assessment. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved". Forward-looking
information is subject to known and unknown risks, uncertainties and
other factors that may cause the actual results, level of activity,
performance or achievements of the Company to be materially different
from those expressed or implied by such forward-looking information.
There can be no assurance that such information will prove to be
accurate, as actual results and future events could differ materially
from those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward-looking information. The
Company does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
NEITHER 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.
Cap-Ex Iron Ore Ltd.
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