Press Releases

Fieldex engages Powerone Capital Markets for private placement of up to $2 million

Fieldex Exploration Inc. (FLX :TSXV) is pleased to announce that it has engaged PowerOne Capital Markets Limited of Toronto, Ontario as its exclusive agent for a best-efforts private placement of a maximum of 2,666,667 units of Fieldex at a price of $0.75 per unit, for maximum gross proceeds to Fieldex of up to $2 million. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one additional common share at a price of $1.00 for a period of two years from the closing of the private placement.The units will be sold to “accredited investors” in Ontario, Alberta and British Columbia on a prospectus‑exempt basis. Closing of the private placement is expected to occur on or about February 3, 2006.The gross proceeds from the private placement will be used by Fieldex for its exploration program on its properties located in Quebec and for working capital and general corporate expenses.In connection with the private placement, PowerOne Capital Markets Limited will receive a fee equal to 8% of the gross proceeds raised under the offering. In addition, Fieldex will issue a non-transferable compensation warrant to PowerOne Capital Markets Limited, entitling it to purchase a number of compensation units of Fieldex equal to 10 % of the number of units sold in the private placement. The compensation warrant will be exercisable at a price of $0.75 per compensation unit for a period of two years after the closing of the private placement. Each compensation unit will be comprised of one common share and one common share purchase warrant, with each warrant being exercisable into one additional common share of Fieldex at a price of $1.00 per share for a period of two years after the closing of the private placement.The private placement is subject to approval by the Board of Directors of Fieldex, regulatory approval, including that of the TSX Venture Exchange, and the signing of an Agency Agreement between Fieldex and PowerOne Capital Markets Limited.

The securities issued in connection with the private placement will be subject to a four‑month hold period under the policies of the TSX Venture Exchange and applicable securities legislation.