Breaking News

Tweet TWEET

Panex Resources Inc.: Conditional Closing of Capital Raise

Panex Resources Inc.: Conditional Closing of Capital Raise 
ZUG, SWITZERLAND -- (Marketwired) -- 03/13/14 -- Panex Resources Inc.
(the "Company," or "Panex") (OTCQB:DBGF), is pleased to announce that
it has conditionally closed the $0.001 equity financing to raise up
to $850,000 in working capital for operations, exploration and
administration. Panex has received and conditionally accepted
$833,400 in subscriptions.   
The closing of the $0.001 offering is conditional upon Panex
completing an effective increase in the authorized capital of Panex
in order to have a sufficient number of shares of common stock to
issue to all of the subscriptions Panex has received for this
offering. Panex is in the process of preparing and completing the
requisite documents for filing with the SEC and mailing to the
registered shareholders. After the required amount of notice, Panex
will then submit the amendment to its Articles to the Nevada
Secretary of State to give effect to the increase in the authorized
capital.  
After the closing of the $0.001 equity offering and the issuance of
the restricted shares of common stock, Panex will have approximately
2,850,000,000 shares issued and outstanding.  
The Giro Project covers a surface area of 610sqkm and lies within the
Kilo-Moto Belt in one of the world's principal greenstone belts which
hosts Randgold Resources' multi-million ounce Kibali Gold deposits
within 30km of Giro, Anglogold Ashanti's deposits to the east,
Loncore and Kilogold deposits to the south and 50Moz of gold
discovered in Tanzania since 1994.  
ON BEHALF OF PANEX  
Mark Gasson, Chief Executive Officer  
The information in this report that relates to exploration results is
based on information compiled by Mr Mark Gasson who is a member of
the Australasian Institute of Mining and Metallurgy. Mr Gasson, the
Chief Executive Officer of the Company, has sufficient relevant
experience in respect of the style of mineralization, the type of
deposit under consideration and the activity being undertaken to
qualify as a Competent Person within the definition of the 2004
Edition of the AusIMM's "Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves". Mr Gasson
consents to the inclusion in this report of the matters that are
based on
 his information in the form and context in which it appears. 
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS  
This press release contains statements that plan for or anticipate
the future, called "forward-looking statements." In some cases, you
can identify forward-looking statements by terminology such as "may,"
"will," "should," "could," "expects," "plans," "intends,"
"anticipates," "believes," "estimates," "predicts," "potential" or
"continue" or the negative of those terms and other comparable
terminology.  
These forward-looking statements appear in a number of places in this
press release and include, but are not limited to, statements about:
our market opportunity; revenue generation; our strategies;
competition; expected activities and expenditures as we pursue our
business plan; the adequacy of our available cash resources; our
ability to acquire properties on commercially viable terms;
challenges to our title to our properties; operating or technical
difficulties in connection with our exploration and development
activities; currency fluctuations; fluctuating market prices for
precious and base metals; the speculative nature of precious and base
metals exploration and development activities; environmental risks
and hazards; governmental regulations; and conduct of operations in
politically and economically less developed areas of the world.  
Many of these contingencies and uncertainties can affect our actual
results and could cause actual results to differ materially from
those expressed or implied in any forward-looking statements made by,
or on behalf of, us. Forward-looking statements are not guarantees of
future performance. All of the forward-looking statements made in
this press release are qualified by these cautionary statements.
Specific reference is made to our most recent annual report on Form
10KSB and other filings made by us with the United States Securities
and Exchange Commission for more detailed discussions of the
contingencies and uncertainties enumerated above and the factors
underlying the forward-looking statements. These reports and filings
may be inspected and copied at the Public Reference Room maintained
by the U.S. Securities and Exchange Commission at 100 F Street, N.E.,
Washington, D.C. 20549. You can obtain information about operation of
the Public Reference Room by calling the U.S. Securities and Exchange
Commission at 1-800-SEC-0330. Th
e U.S. Securities and Exchange
Commission also maintains an Internet site that contains reports,
proxy and information statements, and other information regarding
issuers that file electronically with the U.S. Securities and
Exchange Commission at http://www.sec.gov.  
We disclaim any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise, except to the extent required by
applicable laws.  
This press release is for informational purposes only and is not and
should not be construed as an offer to solicit, buy, or sell any
security.  
CUSIP No. 69841J 106
Contacts:
For further information, please contact Mark Gasson or Ross.
Panex Resources Incorporation
C/- Coresco AG, Level 3, Gotthardstrasse 20,
6300 Zug, Switzerland
(+41) 41 711 0281
info@coresco.ch / www.panexresources.com
 
 
Press spacebar to pause and continue. Press esc to stop.