Welcome!

News Feed Item

Corex Announces an Agreement With H Morgan & Company to Move Santana Towards Commercial Production

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/23/14 -- Corex Gold Corporation (the "Company") (TSX:CGE) is pleased to announce that it has entered into a letter agreement (the "Agreement") with H. Morgan & Company ("Morgan") to provide financing of up to $1.65 million and to provide operational and management services in regards to the Company's Santana property (the "Santana Property" or the "Property"), with the intent of moving the company into production. The 100% owned Santana property is located in the State of Sonora, Mexico.

The Agreement calls for Morgan to provide Corex with financing in two tranches, with the first tranche of $400,000 to be advanced upon satisfactory completion of due diligence and agreement upon the final form of written agreements by Morgan. The second tranche of $1,250,000 will be advanced following satisfactory completion of the initial work program and at the sole discretion of Morgan. Each financing tranche will be structured as a private placement with the first tranche consisting of 4,000,000 units of the Company to be issued at a purchase price of $0.10 per unit. Each unit will consist of one common share and one warrant exercisable into an additional common share for a period of two years at an exercise price of $0.15 per share.

The second tranche will consist of units to be issued at a price equal to the maximum allowable discount pursuant to the rules of the TSX Venture Exchange (the "Exchange") as of the date of issuance, each unit consisting of one common share and one warrant exercisable for a period of five years from the date of issuance. Each financing tranche is subject to the acceptance of the Exchange. The Agreement requires that the proceeds of the financing be used solely with respect to exploration and development of the Santana Property, or maintenance payments on same.

The Agreement also provides that Morgan will manage feasibility work on the property with the objective of advancing the Property into commercial production. As such, Corex, pursuant to the terms of a written agreement (the "Management Agreement"), will appoint Morgan's corporate partner, Minas de Guachinango S.A de C.V., a Mexico corporation (the "Manager") as the manager over the activities to be conducted on the Property. The Management Agreement will be terminated upon the earlier of the Manager's resignation and termination of the Management Agreement or following the commencement of profitable commercial production at the Property.

Pursuant to the terms of the Agreement, Corex has additionally granted to Morgan a participation right with respect to any future equity or convertible debt financing while the Management Agreement is in force and a right of first refusal with respect to any financing required in order for the Property to be made profitable after the completion of a phase 2 work program.

Mr. Craig Schneider, President & CEO of Corex, stated, "Chester Millar, the founder of Glamis Gold, Eldorado Gold, Alamos Gold, and more recently Castle Gold (now Argonaut Gold) is an investment advisor to Morgan. As such, we are very pleased to have access to a person of Mr. Millar's experience and expertise involved with the operations of our Santana property en route to one day potentially being a production based asset."

About Corex Gold Corp.

Corex Gold Corp. is a Canadian resource company focused on the acquisition, exploration, and development of precious/base metal deposits in Mexico including its 100% owned flagship property, the Santana Project, which is in Sonora State, Mexico. In addition, Goldcorp Inc. has implemented an on-going exploration program on Corex's 100% owned Zuloaga property in Zacatecas State, Mexico.

ON BEHALF OF THE BOARD

Craig D. Schneider, President & CEO

Cautionary Statement:

Neither the 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. The foregoing information may contain forward-looking statements relating to the future performance of Corex Gold Corp., including statements relating to completion of the proposed financing, exploration and development of the Santana property and the profitability thereof. Forward-looking statements, specifically those concerned with future performance are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties include the risk that the investor will be unsatisfied with the results of its due diligence review or that it may not have sufficient funds to complete the private placements and other risks and uncertainties detailed from time to time in Corex Gold Corp.'s filings with the appropriate securities commissions.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Providing secure, mobile access to sensitive data sets is a critical element in realizing the full potential of cloud computing. However, large data caches remain inaccessible to edge devices for reasons of security, size, format or limited viewing capabilities. Medical imaging, computer aided design and seismic interpretation are just a few examples of industries facing this challenge. Rather than fighting for incremental gains by pulling these datasets to edge devices, we need to embrace the i...
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
"We formed Formation several years ago to really address the need for bring complete modernization and software-defined storage to the more classic private cloud marketplace," stated Mark Lewis, Chairman and CEO of Formation Data Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and E...