Feb 16, 2011
Silex Ventures Ltd. Closes Qualifying Transaction And Private Placement
February 16, 2011: Vancouver, BC - Silex Ventures Ltd. (TSX-V:SXX.H) ("Silex or the "Company") announced that it has closed as its Qualifying Transaction the option agreement (the "Option") with Arco Resources Corp. under which Silex has been granted the right to acquire up to a 100% interest in three of Arco's claim blocks, including the Lachiguiri property (together, the "Properties"), all located in Oaxaca, Mexico. In accordance with the terms of the Option, Silex has paid $100,000 and issued 2,500,000 common shares (which are subject to escrow) to Arco.
Silex also concurrently closed its non-brokered private placement of 11,902,270 units ("Units") at a price of $0.11 per Unit for gross proceeds of $1,309,250. Each Unit will consist of one common share ("Unit Share") and one share purchase warrant ("Warrant"). Each Warrant will be exercisable for one additional common share ("Warrant Share") for a period of one year from the date of issuance at an exercise price of $0.15 per Warrant Share. All Unit Shares, Warrants and Warrant Shares are subject to a hold period expiring June 16, 2011.
The Company has agreed to issue to qualified finders ("Finders") share purchase warrants equal to 10% of the Units placed by each Finder and to pay each Finder a cash fee equal to 7.5% of the gross proceeds placed by such Finder.
For further information contact:
President, Chief Executive Officer, Chief Financial Officer and Secretary
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.