AuEx Ventures, Inc. Closes Initial Public Offering
Shares to list for trading on the TSX Venture Exchange under symbol "XAU.U" on June 30, 2005
Reno, Nevada - June 29, 2005 - AuEx Ventures, Inc. (the "Company" or "AuEx") announces that it closed its initial public offering on June 28, 2005. The offering consisted of 5,700,000 common shares at a price of US$0.35 per share, resulting in gross proceeds of US$1,950,000. Haywood Securities Inc. acted as agent for the offering and the Company has issued to Haywood 456,000 common shares in satisfaction of an 8% commission and 100,000 common shares as an advisory fee. In addition, the Company has granted Haywood an option to acquire up to 570,000 common shares of the Company at a price per share of US$0.35 until June 28, 2006. Following completion of the initial public offering, the Company's wholly-owned subsidiary, AuEx Holdings, Inc., merged with AuEx, Inc., as contemplated by the Company's initial public offering prospectus dated May 30, 2005.
The TSX Venture Exchange has approved listing of the Company's common shares and has advised that trading will commence on Thursday, June 30, 2005 under the symbol "XAU.U".
AuEx was formed in 2003 to capitalize on the in-depth experience, technical capability and historical successes of the local management team in Nevada. AuEx's president, Ronald L. Parratt, previously served for approximately 5 years in senior exploration positions with Homestake Mining Company and earlier for approximately 19 years in senior exploration positions with Santa Fe Pacific Gold, culminating as Vice-President, Exploration. Co-founder and Vice-President, Richard Bedell, is an industry recognized authority in international polymetallic exploration. With more than 25 years experience in target selection and project generation, Mr. Bedell's mining pedigree includes serving as the Technical Manager for Homestake Mining Company and as a member for Homestake's global target selection team. Mr. Bedell also currently serves as Adjunct Faculty for Exploration Geophysics at the MacKay School of Earth Sciences & Engineering in Reno, Nevada.
Nevada is a premier global gold and silver producing region and is viewed by management as a strategic region for future mineral discovery and production. AuEx intends to optimize opportunities in Nevada that are presented by low cost exploration, advanced industry infrastructure and declining regional mineral production.
Refining the art of mineral exploration is a primary goal of AuEx management. The Company will employ leading edge exploration techniques and technology for ore deposit vectoring including; proprietary remote sensing, spatial probability modeling and multivariate statistical analysis. Data will then be combined with field geology and alteration mineralogy for the purpose of target selection, property acquisition and joint venture development.
In its two year life as a private company, AuEx acquired over 40,000 acres of strategic Nevada mineral property holdings consisting of 11 exploration projects, two of which AuEx considers are advanced to the drill ready stage. As a private company AuEx also completed exploration agreements on three of the company's projects: Fireball Ridge, Leonid and Thunder Mountain.
The Company's exploration objectives for 2005 include drilling on 4 projects, three of which are being worked by third parties. The Company further intends to expand its Nevada holdings with a view to joint venturing projects with select partners. The Company will also be diversifying its projects geologically and geographically.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
AuEx Ventures, Inc.
By: "Ronald L. Parratt"
Ronald L. Parratt
President & CEO
For addition information, please contact:
Ronald L. Parratt, President & CEO
Telephone: (775) 337-1545
Facsimile: (775) 337-1542
E-mail: info@auex.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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