Toronto, Ontario, March 24, 2006. Roxmark Mines Limited (RMKL – CNQ) today announced it has raised gross proceeds of $856,000 through the second and final tranche of a non-brokered private placement announced January 23, 2006 which amounted to a total of $1,184,400 through sales of 9,870,000 units at $0.12. Each unit consisted of one common share and one common share purchase warrant, with each warrant entitling the holder to purchase one common share at a price of $0.17 before March 17, 2008.
Proceeds are primarily being used to cover the cost of advancing the Company’s gold and molybdenum properties in the Geraldton-Beardmore mining camp in Northwestern Ontario and to increase general working capital.
No fees or commissions were paid in connection with the private placement. Securities issued are subject to a four-month hold period expiring July 18, 2006.
Roxmark also announced that it has granted Louis M. Bernard, Vice-President, Operations, incentive stock options on 500,000 common shares. The options will be exercisable at $0.135 per share for five-year period 300,000 common shares will vest on the first anniversary; the balance
a year later.
About Roxmark Mines
Roxmark Mines is a Canadian-based junior resource company involved in exploration and development of gold and molybdenum in the Geraldton-Beardmore area of Northern Ontario. Assets include the Nortoba-Tyson molybdenum property, a fully-permitted onsite mill, and six formerly highly productive gold mines which generated nearly two million ounces of gold from high grade ore. Existing infrastructure above and below ground at these mines will provide important advantages in developing additional gold-bearing structures. Further information is available at roxmark.com.
Forward-Looking Statements
This news release includes certain "forward-looking statements". All statements regarding exercise of warrants,
potential mineralization, resources, exploration results, completion of program dates, amounts and future plans are
forward-looking statements that involve risks and uncertainties including, but not limited to, political risk, title risk,
commodity price and currency exchange risk, operating and environmental hazards encountered in the mining business, general industry and economic conditions, changes in regulatory requirements, future capital expenditures and the availability of financing. The results or events predicted in these forward-looking statements may differ materially from actual results or events. Historical results of operations and trends that may be inferred from the discussion and analysis may not necessarily indicate future results from operations.
Monir Younan, President at:
Roxmark Mines Limited
Tel.: (416) 860-1636
801- 80 Richmond St. West
Fax: (416) 360-7355
Toronto, Ontario M5H 2A4
E-mail: roxmark@on.aibn.com
Website: htttp://www.roxmark.com |
