Guerrero Announces Closing of Financing
Posted on February 15, 2011 at 14:52 PM EST
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 15, 2011) - Guerrero Exploration Inc. ("Guerrero" or the "Corporation") (TSX VENTURE:GEX) announces that it has closed its previously announced private placement of $500,000 through the sale of 2,500,000 units ("Units") at $0.20 each.
Each Unit consists of one common share and one common share purchase warrant. Each warrant is exercisable for two years from closing at an exercise price of $0.30 per common share. The shares issued are subject to a hold period under applicable securities laws, expiring June 16, 2011. Insiders purchased a total of 325,000 Units.
Finders' fees were paid to each of Haywood Securities Inc., Mackie Research Capital, Merchant Equities Capital Corp., Macquarie Private Wealth (the "Finders") consisting of $30,000 equal to an 8% cash commission and 150,000 options equal to 8% of the number of units sold by each of the Finders respectively. Each option is exercisable into a Unit consisting of a common share and a common share purchase warrant on the same terms and conditions above.
The Corporation plans to use the proceeds from these financings for general working capital and exploration.
About Guerrero Exploration Inc.
Guerrero Exploration Inc. is committed to a long term business strategy designed to achieve optimal levels of profitability and shareholder value. Guerrero Exploration Inc. is a Canadian based exploration mining company with a focus on the high yielding Mexican copper, gold and silver mining area known as the Guerrero Gold Belt. The Company's common shares trade on the TSX Venture Exchange under the symbol "GEX".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.
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