VANCOUVER, BRITISH COLUMBIA, Nov 25, 2011 (MARKETWIRE via COMTEX) — Guerrero Exploration Inc. (“Guerrero” or the “Corporation”) (tsx venture:GEX) announces that it has completed the first closing of its previously announced private placement financing. The Corporation issued 4,787,831 ($718,174.65) units at $0.15 per unit, with each unit consisting of one common share and one common share purchase warrant. Each warrant is exercisable for 12 months from closing at an exercise price of $0.30 per common share, subject to acceleration in the event the Corporation disseminates a press release advising that its shares have traded on the TSX Venture Exchange at a price per share greater than $0.60 for 10 consecutive trading days (including days where no shares are actually traded), in which case the warrants shall expire, without further notice, on the 31st day following the issuance of the press release. Notwithstanding the foregoing, in no event shall the Corporation be entitled to issue such a press release within four months of the date of closing. The Corporation plans to use the proceeds from this financing for general working capital and exploration. Northern Securities Inc., Haywood Securities Inc., Canaccord Genuity Corp. and Macquarie Private Wealth Inc. participated as finders in the financing. Guerrero paid finders’ fees of $50,258 and issued 335,053 finders’ warrants, each of which will entitle the holder to subscribe for one additional unit at the issue price for a period of one year from closing.
All securities issued pursuant to this placement are restricted from trading until March 26, 2012.
About Guerrero Exploration Inc.
Guerrero Exploration Inc. is a Canadian based exploration mining company with a focus on Mexican Gold, Copper and Silver mining areas known as the Guerrero Gold Belt, Southern Mexican Gold Belt and the Sierra Madre Occidental Belt. The Corporation’s common shares trade on the TSX Venture Exchange under the symbol (GEX). For further information please visit www.grxpl.com or contact investor relations.
David Stadnyk, President and CEO
Guerrero Exploration Inc.
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.
Contacts:
Guerrero Exploration Inc.
David Stadnyk
President and CEO
(604) 685-0088 Ext. 229Guerrero Exploration Inc.
Corporate Communications
(604) 685-0088 Ext. 226
[email protected]www.grxpl.com
