By Sheri Kasprzak
New York, Oct. 19 - Resmex plc completed a private placement for £1 million.
The company issued 50 million shares at 2p each to Cambrian Mining plc.
The offering represents 22.3% of the company's enlarged issue share capital.
Proceeds from the deal will be used for a co-investment with Cambrian in the stock of Australian oil company Xtract Oil Ltd.
Resmex will pay A$1 million to Cambrian for half the Xtract shares it holds.
Resmex also entered into an agreement with Intermin Resources Ltd., also of Australia, under which Resmex will issue 30 million shares and pay A$50,000 for exploration rights on mining tenements in Queensland, Australia.
Based in London, Resmex is an oil and natural gas exploration company.
| Issuer: | Resmex plc
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| Issue: | Stock
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| Amount: | £1 million
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| Shares: | 50 million
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| Price: | 2p
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| Warrants: | No
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| Investor: | Cambrian Mining plc
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| Settlement date: | Oct. 19
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| Stock price: | 4.5p at close Oct. 18
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