Cap-Ex Enters Into Agreement with King & Bay West Management
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/05/13 -- Cap-Ex Iron Ore Ltd. (TSX VENTURE: CEV)(FRANKFURT: X0V)(OTCQX: CPXVF) ("Cap-Ex" or the "Company") announces that it has entered into a non-exclusive finder's fee agreement (the "Agreement") with King & Bay West Management Corp., a company wholly owned by Mark Morabito ("King & Bay" or the "Finder") whereby King & Bay is to provide services in finding an interested party or parties who wish to complete equity financing, debt financing, off-take or acquisition agreement (collectively, a "Transaction") with the Company. The finder's fee (the "Fee"), when determined on the closing of a Transaction, is payable in cash.
The Agreement is for a term of 24 months from its effective date, unless renewed in writing by the Company and the Finder. The Fee only applies to Transactions closed with a list, agreed between the Company and the Finder, of specific potential interested parties. The Agreement, and any Transaction, may be subject to their acceptance for filing with the TSX-Venture Exchange.
Graham Harris, CEO comments, "We are pleased to be working with King & Bay West Management Corp. Mark Morabito has a proven track record of introducing strategic partners to the iron ore potential of the Labrador Trough. Block 103 represents one of the largest iron ore deposits in the world that is 100% independently owned by Cap-Ex Iron Ore Ltd. We remain on track to release the PEA this month."
Stock Option Grant
The Company also announces that it has granted an aggregate of 3,600,000 stock options to various officers, directors, consultants and employees of the Company. Each stock option shall entitle the holder thereof to acquire one common share at a price of $0.125 for a period of five years. The grant is subject to regulatory approval.
About Cap-Ex Iron Ore Ltd.
Cap-Ex is a Canadian listed company, focused on the development of its Block 103 Iron Ore Property in the Labrador Trough, near the mining town of Schefferville, Quebec. The Property is strategically located close to an existing railway, which can provide a direct link to a shipping port, and is adjacent to New Millennium Iron Corp-Tata Steel LabMag and KeMag deposits and the New Millennium-Tata oxide deposits to the east. Block 103 contains an initial (NI) 43-101 compliant inferred resource of 7.2 billion tones, grading 29.2 % total iron (18.9 magnetic iron).
For additional information please visit the Company's website at www.cap-ex.ca.
CAP-EX IRON ORE LTD.
On behalf of the Board
"Graham Harris"
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the development potential of the Company's Block 103 iron ore property, future exploration plans and the expected timing for completion of an NI 43-101 mineral resource estimate and a preliminary economic assessment. Generally, forward- looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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.
Contacts:
For Investor Relations, please contact:
(604) 669-2279
info@cap-ex.ca
www.cap-ex.ca
