VANCOUVER, Nov. 12 /PRNewswire-FirstCall/ - Exeter
Resource Corporation (NYSE-AMEX:XRA, TSX:XRC, Frankfurt:EXB -
"Exeter" or the "Company") is pleased to announce that with
respect to its recently closed equity financing (the "Offering")
the syndicate of underwriters have exercised the over-allotment
option (the "Option") granted to them. Pursuant to the
Option, the syndicate has acquired an additional 1,209,750 common
shares of the Company (the "Common Shares") for gross proceeds to
the Company of CDN$7,500,450 bringing
the aggregate gross proceeds of the equity financing to
CDN$57,503,450.
In connection with the Offering the underwriters
received a cash commission equal to 6% of the gross proceeds raised
through the Offering and the exercise of the Option.
The Company intends to use the net proceeds from
the Offering and the exercise of the Option to advance the
Company's Caspiche Project and for general working capital.
Specifically, the proceeds will fund a project prefeasibility
study, the entering into of certain infrastructure contracts,
drilling to facilitate advanced mine optimization studies,
additional metallurgical testwork and process design studies, and
follow-up drilling on exploration targets in the area.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy nor shall there be any
sale of any of the Common Shares in any jurisdiction in which such
offer, solicitation or sale would be unlawful. The Common
Shares have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities
Act") or any state securities laws and may not be offered or sold
within the United States or to, or
for the account of benefit of, U.S. persons (as defined in
Regulation S under the U.S. Securities Act) unless registered under
the U.S. Securities Act and applicable state securities laws or
pursuant to an exemption from such registration requirements.
EXETER RESOURCE CORPORATION
Bryce
Roxburgh
.
President and
CEO
Safe Harbour Statement - This news
release contains "forward-looking information" and "forward-looking
statements" (together, the "forward-looking statements") within the
meaning of applicable securities laws and the United States Private
Securities Litigation Reform Act of 1995, including in relation to
the Company's belief as to the extent and timing of its financing
and its drilling programs, various studies including engineering,
environmental, infrastructure and other studies, and exploration
results, budgets for its exploration programs, the potential
tonnage, grades and content of deposits, timing, establishment and
extent of resources estimates, potential for financing its
activities, potential production from and viability of its
properties, permitting submission and timing and expected cash
reserves. These forward-looking statements are made as of the date
of this news release. Readers are cautioned not to place undue
reliance on forward-looking statements, as there can be no
assurance that the future circumstances, outcomes or results
anticipated in or implied by such forward-looking statements will
occur or that plans, intentions or expectations upon which the
forward-looking statements are based will occur. While the
Company has based these forward-looking statements on its
expectations about future events as at the date that such
statements were prepared, the statements are not a guarantee that
such future events will occur and are subject to risks,
uncertainties, assumptions and other factors which could cause
events or outcomes to differ materially from those expressed or
implied by such forward-looking statements. Such factors and
assumptions include, among others, the effects of general economic
conditions, the price of gold and copper, changing foreign exchange
rates and actions by government authorities, uncertainties
associated with legal proceedings and negotiations and
misjudgements in the course of preparing forward-looking
information. In addition, there are known and unknown risk factors
which could cause the Company's actual results, performance or
achievements to differ materially from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Known risk factors include risks
associated with project development; including risks associated
with the failure to satisfy the requirements of the Company's
agreement with Anglo American on its
Caspiche project which could result in loss of title; the need for
additional financing; operational risks associated with mining and
mineral processing; fluctuations in metal prices; title matters;
uncertainties and risks related to carrying on business in foreign
countries; environmental liability claims and insurance; reliance
on key personnel; the potential for conflicts of interest among
certain officers, directors or promoters of the Company with
certain other projects; the absence of dividends; currency
fluctuations; competition; dilution; the volatility of the
Company's common share price and volume; tax consequences to U.S.
investors; and other risks and uncertainties, including those
described in the Company's Annual Information Form for the
financial year ended December 31,
2009 dated March 25, 2010
filed with the Canadian Securities Administrators and available at
www.sedar.com. Although the Company has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
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 statements. The Company is under no obligation to
update or alter any forward-looking statements except as required
under applicable securities laws.
Cautionary Note to United States Investors
- The information contained herein and incorporated by
reference herein has been prepared in accordance with the
requirements of Canadian securities laws, which differ from the
requirements of United States
securities laws. In particular, the term "resource" does not equate
to the term "reserve". The Securities Exchange Commission's (the
"SEC") disclosure standards normally do not permit the inclusion of
information concerning "measured mineral resources", "indicated
mineral resources" or "inferred mineral resources" or other
descriptions of the amount of mineralization in mineral deposits
that do not constitute "reserves" by U.S., unless such information
is required to be disclosed by the law of the Company's
jurisdiction of incorporation or of a jurisdiction in which its
securities are traded. U.S. investors should also understand that
"inferred mineral resources" have a great amount of uncertainty as
to their existence and great uncertainty as to their economic and
legal feasibility. Disclosure of "contained ounces" is permitted
disclosure under Canadian regulations; however, the SEC normally
only permits issuers to report mineralization that does not
constitute "reserves" by SEC standards as in place tonnage and
grade without reference to unit measures.
NEITHER THE TSX NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS
RELEASE
SOURCE Exeter Resource Corporation
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