Orex
Minerals? Announces $5,302,500 Brokered Private Placement
**Not for Dissemination in the United States or
for Distribution via US Newswire Services**
Vancouver,
B.C. ? Orex Minerals Inc.
(?Orex? or the ?Company?) - REX: TSX-V announces that it has arranged a brokered private
placement with a syndicate of agents co-led by PI Financial Corp. and Haywood
Securities Inc. (collectively, the ?Agents?). The offering shall consist of
the issuance of up to17,675,000 units (?Units?) at a
price of $0.30 per Unit to raise up to $5,302,500 (the ?Offering?). Each Unit
is comprised of one common share and one-half of a transferable share
purchase warrant. Each whole warrant is exercisable into an additional common
share for a period of two years from closing at a price of $0.40 per
share. The Agents have also been granted an option to place up to an
additional 3,535,000 Units at any time up to closing.
As compensation, the Agents will receive a
commission of 7% of the gross proceeds raised, payable in cash, in Units or
in a combination of both, at the election of the Agents and in accordance
with the policies of the TSX Venture Exchange. In addition, the Agents
will be granted compensation options (?Compensation
Options?) equal to 9% of the total number of Units sold under the
Offering. Each Compensation Option consists of one common share
exercisable at any time for a period of two years after the closing date at a
price of $0.35 per share.
All securities issued
under the private placement are subject to a hold period expiring four months
and one day from the closing date.
The private placement is subject to the acceptance
of the TSX Venture Exchange.
Orex will use the net proceeds of these financings to advance
exploration and development of its Santa Cruz
mineral property in Mexico
and for general working capital purposes.
About Orex Minerals Inc.
Orex
Minerals Inc. is a junior mineral exploration company comprised of highly
qualified mining professionals with a focus on the exploration of prospective
gold and gold-silver properties in Mexico
and northern Peru.
ON
BEHALF OF THE BOARD OF DIRECTORS
Gary
Cope
President & CEO
For further information, contact Orex Minerals Inc. at (604) 684-4691 or
Via email at info@orexminerals.com
or visit our website on line at www.orexminerals.com
This news release does not constitute an offer
to sell or a solicitation of an offer to sell any of securities in the United States.
The securities 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 U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption from such
registration is available.
The
TSX Venture Exchange has not reviewed and does not accept responsibility for
this News Release. This News Release may contain forward-looking
statements including but not limited to comments regarding the timing and
content of upcoming work programs, geological interpretations, receipt of
property titles, potential mineral recovery processes, etc. Forward-looking
statements address future events and conditions and therefore involve
inherent risks and uncertainties. Actual results may differ materially from
those currently anticipated in such statements. Orex
relies upon litigation protection for forward-looking statements.The
TSX Venture Exchange has not reviewed and does not accept responsibility for
this News Release.
|