brokered and non-brokered private placement financings

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cnw






/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY
CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./




TORONTO, Oct. 11, 2012 /CNW/ - Temex Resources Corp. (TSX Venture: TME,
Frankfurt: TQ1) ("Temex" or the "Company") is pleased to announce the
closing of its previously announced brokered private placement offering
led by Stifel Nicolaus Canada Inc. and including M Partners Inc.,
Casimir Capital Ltd., and MGI Securities Inc. (collectively, the
"Agents") (see the Company's news release dated September 21, 2012)
(the "Brokered Offering"), pursuant to which an aggregate of 22,670,000
units (each, a "Unit") were sold at a price of $0.28 per Unit and an
aggregate of 6,250,000 "flow-through" shares (each, a "FT Share") were
sold at a price of $0.32 per FT Share, raising gross proceeds of
approximately $8.30 milion. Each Unit consists of one common share and
one-half of one common share purchase warrant. Each whole common share
purchase warrant entitles the holder to purchase one common share of
the Company at a price of $0.40 for a 24-month period. 4,820,000 of
the Units were sold under the Agent's over-allotment option, which was
exercised in full.


The Company also closed a non-brokered private placement (the
"Non-Brokered Financing"), pursuant to which an aggregate of 1,217,860
Units were sold and an aggregate of 803,125 FT Shares were sold, in each case at the same price as the Brokered
Offering, raising gross proceeds of approximately $598,000.


The aggregate gross proceeds raised from the sale of the FT Shares under
the Brokered Offering and the Non-Brokered Financing (collectively, the
"Offerings") will be used by the Company to incur exploration
expenditures on its precious metals properties. The net proceeds
raised from the sale of the Units under the Offerings are expected to
be used for exploration and working capital purposes.


An institutional investor (owning more than 10% of the outstanding
common shares of Temex prior to the Offerings) subscribed for an
aggregate of 7,100,000 Units and 2,656,250 FT Shares pursuant to the
Brokered Offering. Certain officers and directors of the Company
participated in the Offerings and acquired an aggregate of 240,000
Units. The participation of each such person in the Offerings
constitutes a "related party transaction" under Multilateral Instrument
61-101, which is exempt from the minority approval and valuation
requirements under such Instrument.


The Agents were paid a cash commission equal to 6% of the gross proceeds
of the Brokered Offering, less the proceeds raised pursuant to
subscriptions by persons involved with, or introduced to the Brokered
Offering by management of, the Company. The Agents were also issued an
aggregate of 1,717,425 non-assignable warrants of the Company (each, a
"Broker Warrant"). Each Broker Warrant entitles the holder thereof to
acquire one Unit of the Company at a price of $0.28 until October 11,
2014. In addition, the Company has paid an aggregate cash finder's fee
of $11,760 and has issued an aggregate of 37,500 non-assignable finder
warrants of the Company (each, a "Finder Warrant") in connection with
the Non-Brokered Financing. Each Finder Warrant has the same terms as
the Brokered Warrants.


The securities issued under the Offerings are subject to a hold period
expiring on February 12, 2013.




On behalf of the Board of Directors,




"Ian Campbell"




Ian Campbell

President and CEO


About Temex Resources Corp.

Temex is a Canadian based exploration company focusing on its portfolio
of precious metals properties in Northeastern Ontario, a world class
mining district. Temex is exploring the Timmins Whitney Property, in
partnership with Goldcorp, and the Juby Gold Project.


The Whitney Property has NI 43-101 compliant resources on the Upper
Hallnor of 3.0 million tonnes at a grade of 2.44 g/t gold for 234,300
ounces of gold in the Measured category, 8.8 million tonnes at a grade
of 1.97 g/t gold for 555,900 ounces of gold in the Indicated category,
and 4.1 million tonnes at a grade of 1.82 g/t gold for 241,000 ounces
of gold in the Inferred category, all at a cut-off grade of 0.30 g/t
gold (Note 1).


The Juby Main Zone has NI 43-101 compliant resources of 22.3 million
tonnes at a grade of 1.30 g/t gold for 934,645 ounces of gold in the
Indicated category and 28.2 million tonnes at a grade of 1.00 g/t gold
for 905,621 ounces of gold in the Inferred category, both at a cut-off
grade of 0.40 g/t gold (Note 2).


Temex also has a NI 43-101 compliant resource for tailings material on
its Gowganda Silver Project. The tailings piles contain a NI 43-101
compliant resource of 1.94 million tonnes grading 47.5 g/t silver for a
contained resource of 2.96 million ounces of silver in the Indicated
category (note 3).


Notes:



Information regarding the mineral resource estimate on the Upper Hallnor
is in the Company's news release dated September 5, 2012; the technical
report will be filed on SEDAR within 45 days of this date. The Mineral
Resource Statement was prepared for Temex by P&E Mining Consultants
Inc. of Brampton, Ontario in accordance with NI 43-101 by Eugene
Puritch, P.Eng., Yungang Wu, P.Geo., and Antoine Yassa, P.Geo.,
"independent qualified persons" as defined by NI 43-101.


Information regarding the mineral resource estimate on the Juby Main
Zone is in the Company's news release dated January 16, 2012 and the
technical report filed on SEDAR February 28, 2012. The Mineral
Resource Statement was prepared for Temex by GeoVector Management Inc.,
Ottawa, Ontario in accordance with NI 43-101 by Joe Campbell, BSc,
P.Geo., Alan Sexton, MSc, P.Geol., and Allan Armitage, PhD, P.Geol.,
"independent qualified persons" as defined by NI 43-101.


Information regarding the mineral resource estimate in the tailings
piles located on the Gowganda Silver Project is in the Company's news
release dated June 8, 2011 and the technical report filed on SEDAR July
21, 2011. The Mineral Resource Statement was prepared for Temex by
GeoVector Management Inc., Ottawa, Ontario in accordance with NI 43-101
by Allan Armitage, PhD, P.Geol., Alan Sexton, MSc, P.Geo., and Joe
Campbell, BSc, P.Geo., "independent qualified persons" as defined by NI
43-101.





Forward-Looking Information

This news release contains forward-looking information which is not
comprised of historical facts. Forward-looking information involves
risks, uncertainties and other factors that could cause actual events,
results, performance, prospects and opportunities to differ materially
from those expressed or implied by such forward-looking information.
Forward looking information in this news release includes, but is not
limited to, the Company's anticipated use of proceeds from the
Offerings. Factors that could cause actual results to differ materially
from such forward-looking information include, but are not limited to,
failure to obtain TSX Venture Exchange approval of the Offerings,
general business and economic uncertainties, future mineral prices and
adverse market conditions, as well as those risks set out in the
Company's public documents filed on SEDAR. Although the Company
believes that the assumptions and factors used in preparing the
forward-looking information in this news release are reasonable, undue
reliance should not be placed on such information, which only applies
as of the date of this news release, and no assurance can be given that
such events will occur in the disclosed time frames or at all. The
Company disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new information,
future events or otherwise, other than as required by law.


Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.





SOURCE: Temex Resources Corp.



For further information:

please visit http://www.temexcorp.com/">www.temexcorp.com or email: info@temexcorp.com or phone: 416-862-2246 toll free: 866-373-6287