BMEX Closes First Tranche of Financing

Rhea-AI Summary

BMEX Gold Inc. has closed the first tranche of its private placement, raising $140,000 in gross proceeds. The offering consisted of 6,000,000 flow-through units at $0.02 per unit, as well as 1,000,000 non-flow-through units at the same price. The company also paid $5,950 in cash finders fees. The proceeds will be used for further exploration of the Dunlop Bay project and general working capital.

Vancouver, British Columbia--(Newsfile Corp. - January 12, 2024) - BMEX Gold Inc. (TSXV: BMEX) (FSE: 8M0) ("BMEX" or the "Company") is pleased to announce it has closed the first tranche of its private placement which was previously announced on December 14, 2023, for aggregate first tranche gross proceeds of $140,000. The first tranche closing consisted of 6,000,000 flow-through units of the Company at a price of $0.02 per flow-through unit for aggregate flow-through gross proceeds of $120,000. Each flow-through unit consisted of one common share and one-half of one share purchase warrant, with each warrant exercisable at $0.05 for two years. The Company also issued 1,000,000 non-flow-through units at $0.02 per unit for proceeds of $20,000. Each non-flow-through unit consisted of one common share and one warrant exercisable at $0.05 for two years.

All securities issued pursuant to the Offering are subject to a statutory hold period expiring four months from the date of issuance. The Company paid aggregate cash finders fees of $5,950, being $700 paid to Haywood Securities Inc., $1,750 to PI Financial Corp. and $3,500 to Red Cloud Securities Inc. in respect of the closing.

The gross proceeds from the sale of the flow through shares will be used to further explore and evaluate the Company's Dunlop Bay project located in Quebec, Canada. Any proceeds from the sale of non-flow-through units will be used for general working capital and may include payment of salaries for the Company's CFO and CEO. No funds will be used to pay persons conducting investor relations activities.

About BMEX Gold Inc.

BMEX Gold Inc. is a junior Canadian mining exploration company with the primary objective to acquire, explore, and develop viable gold and base metal projects in the mining-friendly jurisdiction of Quebec, Canada. BMEX is currently fully focused on its 100% interest in the two projects, both located in the prolific Abitibi greenstone belt:

• King Tut Project consists of 120 contiguous claims on 5,206 hectares
• Dunlop Bay Project consists of 76 mineral claims that cover 4,226 hectares

BMEX common shares trade under the symbol "BMEX" on the TSX-V and under the symbol 8M0 on the Frankfurt Exchange.

For further information please contact:

BMEX Gold Inc.

Robert Pryde, President
Tel: +1 (403) 478 6042
Email: robert@bmexgold.com

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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

This news release contains "forward-looking statements" and "forward-looking information" (as defined under applicable securities laws), based on management's best estimates, assumptions, and current expectations. Such statements include but are not limited to, statements with respect to the plans for future exploration and development of the King Tut and Dunlop Bay properties and the acquisition of additional exploration projects. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts" , "anticipates" "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by such statements, including but not limited to: risks related to the King Tut and Dunlop Bay projects; risks related to general economic conditions, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; increases in market prices of mining consumables, possible variations in resource estimates, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of exploration, development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in areas in which the Company operates. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements and forward-looking information are made as of the date hereof and are qualified in their entirety by this cautionary statement. The Company disclaims any obligation to revise or update any such factors or to publicly announce the result of any revisions to any forward-looking statements or forward-looking information contained herein to reflect future results, events or developments, except as require by law. Accordingly, readers should not place undue reliance on forward-looking statements and information. Please refer to the Company's most recent filings under its profile at www.sedarplus.ca for further information respecting the risks affecting the Company and its business.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/194129

FAQ

What is the purpose of the private placement for BMEX Gold Inc. (MRIRF)?

The purpose of the private placement is to raise funds for further exploration of the Dunlop Bay project and general working capital.

How much was raised in gross proceeds from the private placement for BMEX Gold Inc. (MRIRF)?

The company raised $140,000 in gross proceeds from the private placement.

How many flow-through units were offered in the private placement for BMEX Gold Inc. (MRIRF)?

BMEX Gold Inc. offered 6,000,000 flow-through units at a price of $0.02 per unit.

What are the intended uses of the proceeds from the private placement for BMEX Gold Inc. (MRIRF)?

The gross proceeds from the sale of flow-through shares will be used to further explore and evaluate the Company's Dunlop Bay project located in Quebec, Canada. Any proceeds from the sale of non-flow-through units will be used for general working capital and may include payment of salaries for the Company's CFO and CEO.

Who received cash finders fees from the private placement for BMEX Gold Inc. (MRIRF)?

Haywood Securities Inc., PI Financial Corp., and Red Cloud Securities Inc. received cash finders fees from the private placement, totaling $5,950.