Temex Announces Private Placement Financing (May 5, 2009)

Temex has gone to PI Financial Corp. ("PI") for a private placement of up to 3,000,000 units ("Units") at a price of $0.25 per unit and up to 2,500,000 "flow-through" shares ("FT Shares") at a price of $0.30 per share for aggregate gross proceeds of up to $1,500,000.

The TSX show Temex with 71,012,000 outstanding shares with a market cap of $19,173.000. It's nice to see them able to raise capital for exploration and operations expenses.

So how does this relate to Spider Resources? I suppose in just a peripheral manner. Temex is up at the ROF with a sizeable chunk of property (375,000 acres). They have some outstanding gold properties by the looks of it. And I also believe they've have had some 'upsets' in the past - but since I don't follow them I'm not up to date on what happened.

However, their 'optics' look pretty good. Getting some nice private placement money while minimizing dilution.

Snug