Press Release
Kinetex Arranges Equity Financing
Wednesday, May 5, 2010
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Kinetex Resources Corporation (TSX-V:KTX) (“Kinetex” or the “Company”) announced today that it has arranged a non-brokered private placement, subject to approval of the TSX Venture Exchange (the “Exchange”), consisting of up to 3,525,000 common shares of the Company (the "Shares") at a subscription price of $0.40 per Share, for gross proceeds of up to $1,410,000 (the “Private Placement”).
All shares issued pursuant to the Private Placement will be subject to a hold period of four months and one day from the date of issue, in accordance with the policies of the Exchange and applicable securities laws.
No Finders' fees will be paid in connection with the Private Placement. Proceeds of the Financing will be used to finance the Company’s continuing growth.
This press release, as required by applicable Canadian laws, is not for distribution to US news services, and does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933 or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act of 1933 and applicable state securities laws or an exemption from such registration is available.
For more information please contact:
Kinetex Resources Corporation
Gil Schneider
Chief Executive Officer
Tel: 604-484-5761
Fax: 604-484-5760
Toll-Free: 1-888-484-5761
Email: gil@kinetex.ca
Web: www.kinetex.ca
About Kinetex
Kinetex is an oil, gas and mineral exploration services company with offices in Vancouver, BC, Calgary, Alberta and Bogota, Colombia. Through its subsidiaries, Kinetex provides data-rich high resolution subsurface images - essentially a brand-new exploration tool - to the energy, metals and minerals exploration and development industries seeking to go beyond the limitations of traditional data acquisition methods.
The Company seeks safe harbour. Neither 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.
