Portex Minerals Inc. has entered into a memorandum of understanding to acquire 100% of the issued and outstanding common shares of Scandinavian Metals Inc. Upon closing of the acquisition, the company will appoint David Rigg as Executive Vice-President of Exploration. He currently serves as the President and CEO of SMI; CEO of Golden Tag Resources Ltd.; and, is Chairman of Alexis Minerals Corporation where he was President and CEO from 2003 to 2011. The company announced that it has also entered into an agreement with Aberdeen whereby the company will issue $500,000 of debentures to Aberdeen at an interest rate of 12% per annum, payable at maturity. The debentures will mature on the date which is the earlier of the completion by the company of the financing and nine months from the date of issuance. The company may draw an additional $500,000 on the same terms, subject to certain conditions, after 60 days from the date of issuance of the first tranche. The company expects that the first tranche of the debenture financing will close on June 6, 2012.