BREAKING NEWS Today 3/21 - APXR Lands Major Private Placement
Apex Resources Group Inc. Is Pleased to Announce Appointment of New Director and Additional Private Placement Funding
Wednesday March 21, 2:27 pm ET
SALT LAKE CITY, March 21 /PRNewswire-FirstCall/ -- Apex Resources Group Inc. (OTC Bulletin Board: APXR - News) announces appointment of new Director and additional private placement funding.
Apex Resources Group Inc. is pleased to announce the appointment of Mr. Sameer Chinoy as Director. Mr. Chinoy is a resident of Dubai-United Arab Emirates and has strategic relationships with international investors. Mr. Chinoy has an extensive international network and is excited to come on board with Apex and recognizes the value and growth opportunity of Apex being the fourth largest partner with Imperial in the Itiyok 1-27 Well in the Beaufort Sea in Canada.
Through contacts of Mr. Sameer Chinoy, Apex has been able to raise additional private placement funding. The Company is excited to announce it will raise US$500,000.00 private placement funding through issue of 10 Million Units at a price of US$0.05 per unit, each unit consisting of one share and one share purchase warrant. Each warrant will entitle the holder to purchase one additional share at an exercise price of US$0.07 for a period of two years from the closing. A 10% finders fees is payable on the private placement. The shares issued will have a one year hold period.
Apex is a partner with Imperial in the Itiyok 1-27 Well in the Beaufort Sea in Canada. Imperial is the operator of the Itiyok 1-27 Well owning the largest interest of 58.67312%. Apex is the fourth largest partner in the Itiyok 1-27 Well with a 3.745% working interest.
Seismic data indicates a structure closure of approximately 40 square KM with a gross potential reserve of 1.16 TCF and 160 MMSTB (Apex 3.745 % working interest net -- 34 Bscf and 4.7 MMSTB). The lands in which the Apex Resources Group Inc. owns an interest comprised of 21.54 square KM containing gross potential reserves of 625 Bscf of gas and 86 MMSTB of oil Apex 3.745 % working interest net -- 23.4 Bscf of gas and 3.2 MMSTB of oil). Values of proven, probable and possible gas and oil reserves, of Apex 3.745 % working interests, as per Citadel Engineering report, have been published in previous news releases.
The recent progress of the Mackenzie Valley Gas pipeline together with the North American need for new gas supplies continuing to increase, adds significant value to Apex Resources Group Inc. 3.745% working interest in the Itiyok 1-27 Well.
"Together with the Public Relations firm Eric David & Sons, Inc, in New Jersey, and the additional international relations from Mr. Sameer Chinoy as Director, and the recent private placement funding, Apex is providing a great investment opportunity to grow with the company," stated Mr. John Hickey, director of Apex Resources.
By the Board of Directors,
Apex Resources Group Inc.
Investor Relations:
Eric David & Sons
Ste # 501- 320
10 Schalks Crossing Road
Plainsboro, NJ 08536
Phone: (609) 529-3671
Website: ericdavid.com
Email: steveweiss@ericdavid.com
Apex Resources Group Inc.
apexresourcesgroup.com
John M. Hickey
Director
The foregoing contains forward-looking statements. For this purpose any statements contained in this document that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, such words a "may", "will", "believes", "anticipates", "estimates", "continue", or comparable terminology intends to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties and actual results may differ materially depending upon a variety of factors, including, but not limited to, the successful negotiation and execution of the definitive acquisition agreement and receipt of certain exhibits and schedules requested by Apex Resources Group Inc.
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Source: Apex Resources Group Inc. |
