New Issue: RX Exploration settles C$3.25 million private placements of units

By Devika Patel

Knoxville, Tenn., July 14 - RX Exploration Inc. said it completed a C$783,000 second tranche of a C$3.25 million private placement of units. The company took in C$1.68 million in the first tranche on July 2.

In the first tranche, the company sold 5,143,500 units of one common share and one warrant in a non-brokered private placement and 3,255,000 units through IBK Capital Corp. at C$0.20 per unit. It sold 1,815,000 non-brokered units and 2.1 million brokered units in this tranche.

Each warrant will be exercisable at C$0.40 for two years, but may expire within 30 days if the company's shares close at C$0.60 or higher for 10 consecutive trading days.

Proceeds will be used primarily for general administrative expenses and working capital.

RX is a mining company based in Toronto.

Issuer:	RX Exploration Inc.
Issue:	Units of one common share and a warrant
Amount:	C$3,245,700
Units:	16,228,500
Price:	C$0.20
Warrants:	One warrant per unit
Warrant expiration:	Two years
Warrant strike price:	C$0.40
Agent:	Non-brokered (for C$2,480,700), IBK Capital Corp. (for C$871,000)
Settlement date:	July 2 (for C$1,679,700), July 14 (for C$783,000)
Stock symbol:	CNQ: RXE
Stock price:	C$0.38 at close July 2

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