TORONTO
,
Nov. 18
/CNW Telbec/ - Roxmark Mines Limited (TSXV-RMK) today announced that Philip F. Cunningham, a significant shareholder of Roxmark has acquired 5,000,000 common shares through the exercise of common share purchase warrants in a private transaction.
The shares, which were acquired at an exercise price of $0.10 per share, represent 3.02% of the current issued and outstanding common shares of Roxmark. Cunningham owns an aggregate of 36,668,000 common shares of Roxmark, representing approximately 22.11% of the float. The exercise of out-of-the-money warrants is a demonstration of his confidence in the future of the Company.
Proceeds will be used for general corporate purposes and to assure that Roxmark has sufficient funding for its programs.
About Roxmark Mines
Roxmark Mines Limited is the leader in gold and molybdenum exploration and development in the historically significant Geraldton-Beardmore area of Northwest Ontario. In the last several years, Roxmark has generated cash flow from bulk-sampled gold and molybdenum processed at its fully-permitted mill and has the advantage of infrastructure from six formerly highly productive gold mines located on its properties. These mines previously produced nearly two million ounces of gold from high grade ore but were closed primarily due to dramatically lower gold prices at the time and to boundary issues, since eliminated.
Further information is available on the Company's website at www.roxmark.com and on SEDAR under the Company's profile at www.sedar.com.