Almadex Minerals Limited (“Almadex” or the “Company”) (TSX VENTURE: AMZ) (OTCQB: AXDDF) is pleased to announce a proposed non-brokered private placement financing (the “Offering”) of up to 1,481,500 units (the “Units”) to raise approximately $2,000,000 at a price of $1.35 per Unit.
Each Unit will consist of one common share of the Company and one-half of one whole non-transferable common share purchase warrant, each whole share purchase warrant (a “Warrant”) entitling the holder thereof to purchase one common share of the Company at a price of $2.00 per share for a period of thirty (30) months following the closing of the Offering.
Almadex intends to use the net proceeds of the Offering to continue drilling the El Cobre Au/Cu porphyry targets in Veracruz, Mexico, and for general corporate purposes.