Carmax Explorations Ltd.: Additional Financing; 2008 Drilling Program Increased
17 Juin 2008 - 8:57PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: CMX) is pleased to
announce that it will be placing up to 15,000,000 units at a price
of $0.08 per unit. A portion of the units being placed will be
flow-through units and the remainder will be non flow-through
units. The apportionment between flow-through and non flow-through
units remains to be settled based on finalized subscription
agreements as received.
The flow-through units consist of one flow-through share and one
half of one share purchase warrant with one full warrant being
exercisable to purchase one additional non flow-through share of
the Company at a price of $0.12 per share for a period of one year
from the closing of the private placement.
The non flow-through units consist of one share and one full
warrant each warrant being exercisable to purchase one additional
common share of the Company at a price of $0.12 per share for
period of one year from the closing of the private placement.
The warrants will become callable on 21 days notice in the event
the Company's shares trade at a price of $0.24 per share or greater
for a 10 day trading period after the four month hold period
expires on the securities sold.
A finders fee may be payable with respect to the placement. The
placement is subject to TSX Venture Exchange approval.
2008 Drilling Program Commencing
Geological crews are scheduled to be mobilized on June 20th to
commence the 2008 drilling program on the Company's Eaglehead
Property located in the Liard Mining Division in Northwestern
British Columbia. Funding from the above-noted financing will
permit the previously announced 2008 - 15 drill hole program to be
substantially increased. Company geological personnel together with
several outside geological consultants who have reviewed data from
the 81 drill holes completed to date on the property have all
strongly recommended increasing the 2008 program.
The Company is well funded to initiate the 2008 drilling program
with an excess of $2,000,000 cash on hand from the exercise of
$0.15 warrants last fall and the current financing will permit a
substantial increase of the 2008 drilling program. The proposed
2008 program is designed to increase potential mineral reserves
throughout the Property and for drilling on several areas of the
Property which have substantial potential that have not as yet been
drill tested.
Additional and more detailed information pertaining to the
Eaglehead Property may be obtained on the Company's website
www.carmaxex.com.
CHARLES S. UNDERHILL, DIRECTOR & CFO
WARNING: The Company relies upon litigation protection for
"forward-looking" statements.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Carmax Explorations Ltd. Chuck Underhill (604)
408-2212 or Toll Free: 1-888-408-2212 (604) 689-4143 (FAX) Website:
www.carmaxex.com
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