FenixOro Closes Private Placement With Significant Shareholders

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TORONTO, Feb. 17, 2021 (GLOBE NEWSWIRE) -- FenixOro Gold Corp. (CSE: FENX; OTCQB: FDVXF; Frankfurt: 8FD) is pleased to announce that it has closed its non-brokered private placement (the "Private Placement"), previously announced on February 2, 2021. The Company has issued a total of 3,495,216 Units ("Units") at a subscription price of $0.30 per Unit for gross proceeds of $1,048,564. The Private Placement has been subscribed for by a small number of significant shareholders of the Company. Each Unit consists of one common share of the Company and one whole common share purchase warrant, with each warrant being exercisable for one additional common share at an exercise price of $0.35 for a period of two years from the date of issuance. All securities issued pursuant to the Private Placement are subject to a statutory hold period of four months and one day from the date of issuance.    The Company intends to use the net proceeds of the Private Placement to continue its Phase 1 drilling program at the Abriaqui Project and for general working capital purposes.

FenixOro CEO John Carlesso commented: “We appreciate this vote of confidence from our significant shareholders and look forward to continuing with the success of the ongoing drill program at Abriaqui. Drilling to date has intercepted “Buritica style” mineralization, known for high grade gold in vein structures and wider zones of lower grade mineralization, in multiple locations across the northern block of the project. The next phase of drilling will consist of depth extensions and step-out holes along the 1.2 km surface extent of the principal Santa Teresa Vein. The intent of this phase is to begin the process of quantifying resource potential on the Santa Teresa, in addition to the multiple veins surrounding and parallel to the Santa Teresa that drilling has intercepted so far.

Figure 1. Phase 1 Drill Holes Completed through January, 2021 
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Technical Information

Stuart Moller, Vice President Exploration and Director of the Company and a Qualified Person for the purposes of NI 43-101 (P.Geo, British Colombia), has prepared or supervised the preparation of the technical information contained in this press release. Mr. Moller has more than 40 years of experience in exploration for precious and other metals including ten in Colombia and is a Fellow of the Society of Exploration Geologists.