�Oremex Silver Closes Private
Placement
Oremex Silver Inc. ("Oremex"
or the "Company") (TSX Venture: OAG) (OTCQX: ORAGF) (Frankfurt:
OSI) announced the completion of the equity private placement previously
disclosed on July 20, 2012. The offering raised gross proceeds
of C$108,410 through the issue of 2,168,200 units at a price of C$0.05
per unit. The Company will apply the proceeds to advance the Chalchihuites, San Lucas and Tejamen
projects, and for working capital and general corporate purposes.
Each unit of the offering
consists of one common share and one transferable common share purchase warrant
of the Company. Each common share purchase warrant will entitle the holder to
acquire one additional common share of the company at a price of $0.10
per common share at any time prior to 5:00 p.m. (Toronto
time) on July 27, 2015.
Certain directors and
officers of the Company purchased an aggregate of 1,028,200 units under the
offering. Accordingly, the offering is considered to be a "related-party
transaction" under Canadian securities laws. The Company did not file a
material change report more than 21 days before the expected closing of the
offering. The details of the offering and the participation by related parties
of the company were not settled until shortly prior to closing and the Company
wished to close the financing on an expedited basis.
In connection with the
offering, the Company paid a cash commission to eligible finders totaling C$2,100.
The company issued to such finders a total of 42,000 non-transferable
compensation options. Each compensation option entitles the holder to subscribe
for one common share at a price of C$0.10 per share unit at any
time prior to 5.00 p.m. est
on July 27, 2015.
All securities issued or
issuable under the offering are subject to a four-month hold period, in
addition to such other restrictions as may apply under applicable securities
laws in jurisdictions outside of Canada.
The closing of private placement remains subject to the final approval of the
TSX Venture Exchange.
This news release does not
constitute an offer to sell or a solicitation of an offer to buy any of the
company's 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 1933
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 1933
Act and applicable state securities laws, or an exemption from such
registration is available.
About Oremex Silver
Inc.
Oremex Silver Inc. is a Canadian
company focusing on the exploration and development of silver projects along
the highly productive mineralized belt in Mexico.
The Company has a portfolio of silver projects including a mineral resource of
50.8 million ounces of silver at its Tejamen
deposit. The Company's projects are located in mining-friendly jurisdictions
and the management team has successful track record of mine-building in Mexico.
Cautionary Note
Regarding Forward-Looking Statements
Certain statements
contained in this news release may constitute forward-looking information,
(collectively "forward-looking information") within the meaning of
Canadian securities laws. Forward-looking information may relate to this news
release and other matters identified in Oremex
Silvers' public filings, anticipated events or results and can be identified by
terminology such as "may", "will", "could",
"should", "expect", "plan",
"anticipate", "believe", "intend",
"estimate", "projects", "predict",
"potential", "continue" or other similar expressions
concerning matters that are not historical facts and include, but are not
limited in any manner to, those with respect to capital and operating
expenditures, economic conditions, availability of sufficient financing,
receipt of approvals, satisfaction of closing conditions and any and all other
timing, development, operational, financial, economic, legal, regulatory and/or
political factors that may influence future events or conditions. Such
forward-looking statements are based on a number of material factors and
assumptions, including, but not limited in any manner, those disclosed in any
other public filings of� Oremex
Silver, and include the ultimate availability and final receipt of required
approvals, sufficient working capital for development and operations, access to
adequate services and supplies, availability of markets for products, commodity
prices, foreign currency exchange rates, interest rates, access to capital
markets and other sources of financing and associated cost of funds, availability
of a qualified work force, availability of manufacturing equipment, no material
changes to the tax and regulatory regime and the ultimate ability to execute
its business plan on economically favourable terms.
While we consider these assumptions to be reasonable based on information
currently available to us, they may prove to be incorrect. Actual results may
vary from such forward-looking information for a variety of reasons, including
but not limited to risks and uncertainties disclosed in other� Oremex Silver� filings at� www.sedar.com� and other unforeseen events
or circumstances. Other than as required by law,� Oremex Silver� does not intend, and undertakes no obligation,
to update any forward looking information to reflect, among other things, new
information or future events.