Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Orex Amends Barsele Acquisition Agreement to Defer Cash Payment and Accelerate Share Payments
Published : May 03, 2013
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 3, 2013) - Orex Minerals Inc. ("Orex" or the "Company") (News - Market indicators) -  

Orex is pleased to announce that it has agreed with Northland Resources S.A. ("Northland") to defer payment of US$1.75 million of the US$2 million payment due to Northland on April 29, 2013 under the Barsele property acquisition agreement dated March 22, 2011 (the "Barsele Agreement").

Under its amended agreement with Northland, Orex will pay Northland US$250,000 upon receipt of TSX Venture Exchange approval for the amendment, and has until December 31, 2013 to finance the remaining US$1.75 million of the US$2 million cash payment owed to Northland.

The Barsele Agreement provided that Orex is to pay Northland two further payments of US$1 million each in 2014 and 2015, each payable in Orex common shares. In exchange for Northland's agreement to defer the majority of the cash payment due to it, Orex has agreed to accelerate these two share payments and issue 4 million common shares of Orex to Northland at a deemed price of US$0.50 per common share, satisfying these obligations which total US$2 million. 

Orex's CEO Gary Cope said "We appreciate Northland accommodating our request for an amendment to the Barsele agreement. Deferring the majority of the cash payment due to Northland gives the Company an opportunity to seek financing to complete its obligations under the Barsele Agreement on better terms than are currently available in the depressed world market conditions for financing we are experiencing."

The amendment to the Barsele Agreement is subject to the approval of the TSX Venture Exchange.

ON BEHALF OF THE BOARD OF DIRECTORS

Gary Cope, President

Orex Minerals Inc.

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 Sweden.

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.

For further information visit our website at www.orexminerals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Orex Minerals Inc.
Patrice Nazareno
604.687.8566
604.687.6365 (FAX)
info@orexminerals.com
www.orexminerals.com
Companies Mentionned : Aura Minerals | Total |
Data and Statistics for these countries : Mexico | Sweden | All
Gold and Silver Prices for these countries : Mexico | Sweden | All

Orex Minerals Inc.

EXPLORATION STAGE
CODE : REX.V
ISIN : CA68616N2014
CUSIP : 68616Q
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Orex Minerals is an exploration silver and gold company based in Canada.

Orex Minerals holds various exploration projects in Mexico.

Its main exploration properties are EL TIGRE, LAS SORPRESAS and PAMEL in Peru, BARSELE in Sweden and CONETO, SANTA CRUZ and LAS MESAS DURANGO in Mexico.

Orex Minerals is listed in Canada. Its market capitalisation is CA$ 59.9 millions as of today (US$ 46.0 millions, € 41.1 millions).

Its stock quote reached its highest recent level on December 24, 2001 at CA$ 1.30, and its lowest recent point on December 19, 2008 at CA$ 0.05.

Orex Minerals has 103 290 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of Orex Minerals Inc.
1/16/2015Announces Private Placement
9/25/2013Announces Non-Brokered Private Placement
9/6/2013Announces Private Placements
4/26/2013Closes Non-Brokered Private Placement
2/18/2013Announces Non-Brokered Private Placement
9/24/2012Closes Non-Brokered Private Placement
9/29/2008=?windows-1252?Q?OREX_ANNOUNCES_$1,200,000_NON-BROKERED_PRIV...
6/2/2008Announces $5,302,500 Brokered Private Placement
Option Grants of Orex Minerals Inc.
4/11/2013Engages Communications and Investor Relations Consultant
10/30/2012Ends Investor Relations Agreement
Project news of Orex Minerals Inc.
6/11/2015(Barsele)and Agnico Eagle Complete Joint Venture Transaction on Orex'...
4/22/2015(Coneto)Fresnillo Restarts Diamond Drilling on the Coneto Gold-Silve...
3/19/2015(Coneto)Fresnillo Proceeds to Phase-IV Diamond Drilling on the Conet...
2/23/2015(Barsele)and Agnico Eagle sign a Letter of Intent for a Joint Venture...
12/8/2014(Coneto)Drilling Extends Loma Verde and Promontorio Veins on the Con...
10/7/2014(Coneto)Drilling Continues at Depth on the Coneto Gold-Silver Projec...
10/21/2013(Barsele)Minerals Inc. Closes Amended Barsele Acquisition
3/25/2013(Coneto)Minerals Inc.: Third Drilling Rig Added to the Coneto Gold-S...
10/9/2012(Coneto)and Fresnillo Add Second Drilling Rig To Coneto Silver-Gold ...
8/27/2012(Coneto)and Fresnillo Commence Drilling at Coneto Silver-Gold Projec...
5/9/2011(Barsele)Initiates Airborne Geophysical Survey Over Barsele Gold Proj...
5/2/2011(Barsele)Minerals Completes Purchase of Barsele Gold Project
3/23/2011(Barsele)Signs Final Agreement to Acquire Barsele Gold Project
8/9/2010(Coneto)Extends Gold and Silver in the Loma Verde Sector of the Cone...
4/27/2010(Coneto)Diamond Drilling to Commence on Orex’s Coneto Gold-Silver Pr...
2/9/2010(Coneto)Awards Diamond Drilling Contract to Major Drilling for the C...
1/11/2010(Coneto)Expands Mineral Concessions at Coneto Project Request for Pr...
11/17/2009(Coneto)Coneto Project Yields High Gold and Silver Values
4/8/2009(Santa Cruz)hits 6 kilograms Silver per tonne over 1.1 metres on Zambran...
Corporate news of Orex Minerals Inc.
1/30/2016Orex Grants Stock Options
1/25/2016Orex Hits 61 Metres Grading 359 g/t Silver from Surface at t...
12/10/2015Drilling initiated at the Sandra Escobar Silver Project in D...
11/24/2015Orex has awarded an initial 2,000 Metres Drilling Contract f...
11/9/2015Orex Confirms Silver Mineralization on the Sandra Escobar Si...
10/30/2015Orex Grants Stock Options and Applies to Extend Warrants
9/25/2015Orex and Barsele Announce Completion of the Spin Out of Orex...
9/24/2015Fresnillo has Completed $6 Million Investment in the Coneto ...
9/23/2015Orex Shareholders, Optionholders and Warrantholders Vote in ...
9/18/2015Orex Closes Non-Brokered Private Placement
9/15/2015Orex Options the Sandra Escobar Silver-Gold Project in Duran...
8/10/2015Multiple Structures Yield High Grade Gold-Silver in Step Out...
8/6/2015Orex Executes Definitive Agreement to Spin Out Its Interest ...
8/6/2015IIROC Trading Resumption - REX
8/6/2015IIROC Trading Halt - REX
7/24/2015Orex Applies to Extend Warrants
7/3/2015Orex Grants Stock Options
6/26/2015Orex grants stock options
6/11/2015Orex and Agnico Eagle Complete Joint Venture Transaction on ...
4/24/2015Barsele Project Update
2/23/2015Orex and Agnico Eagle sign a Letter of Intent for a Joint Ve...
2/23/2015Orex and Agnico Eagle sign a Letter of Intent for a Joint Ve...
1/19/2015Orex Closes Non-Brokered Private Placement
1/16/2015Orex Announces Private Placement
12/19/2014Orex Reports Balance of Drilling Results from 2014 Fieldwork...
12/19/2014Reports Balance of Drilling Results from 2014 Fieldwork on t...
12/19/2014Orex Reports Balance of Drilling Results from 2014 Fieldwork...
12/9/2014Orex Commences Drilling on the Los Crestones Gold-Silver-Cop...
12/9/2014Orex Commences Drilling on the Los Crestones Gold-Silver-Cop...
12/8/2014Drilling Extends Loma Verde and Promontorio Veins on the Con...
12/8/2014Drilling Extends Loma Verde and Promontorio Veins on the Con...
11/18/2014Drilling Continues to the Southeast on the Coneto Gold-Silve...
11/14/2014Orex Concludes 2014 Fieldwork on the Jumping Josephine Gold-...
11/14/2014Concludes 2014 Fieldwork on the Jumping Josephine Gold-Silve...
11/14/2014Orex Concludes 2014 Fieldwork on the Jumping Josephine Gold-...
10/15/2014Orex has awarded a 5,000 Metre Drilling Contract for the Los...
10/15/2014has awarded a 5,000 Metre Drilling Contract for the Los Cres...
10/15/2014Orex has awarded a 5,000 Metre Drilling Contract for the Los...
9/10/2014Orex Grants Stock Options
8/21/2014Fresnillo Proceeding to Second Option Stage on Coneto Projec...
9/18/2013Minerals Inc. (TSX.V:REX) Closes $2-Million Private Placemen...
7/10/2013Minerals Inc.: Attractive Gold and Silver Results Received f...
7/3/2013Options Claims Strategically Located Near Colorado Resources...
3/25/2013(Coneto)=?windows-1252?Q?Third_Drilling_Rig_Added_to_the_Coneto_Gold...
3/18/2013Letter from the President
2/13/2013and Astral Announce Completion of Arrangement
2/1/2013Announces Proposed Spin Out
1/7/2013(Coneto)=?windows-1252?Q?Orex_reports_2.7_Metres_Grading_840_g/t_Sil...
12/10/2012and Astral Announce Signing of Arrangement Agreement
12/3/2012(Barsele)Files an Updated Resource Estimate for Barsele Gold Project,...
12/3/2012(Barsele)Files an Updated Resource Estimate for Barsele Gold Project,...
11/21/2012(Barsele)=?windows-1252?Q?Orex_Announces_43%_Increase_in_Indicated_Mi...
11/7/2012(Coneto)=?windows-1252?Q?Orex_reports_10_Metres_Grading_300_g/t_Silv...
11/7/2012(Coneto)Reports 10 Metres Grading 300 g/t Silver-Equivalent on the C...
10/9/2012(Coneto)=?windows-1252?Q?Orex_and_Fresnillo_Add_Second_Drilling_Rig_...
4/20/2012BTV Profiles Orex Minerals Inc.
2/22/2012(Barsele)=?windows-1252?Q?Orex_Provides_Results_for_the_First_Diamond...
2/2/2012(Coneto)=?windows-1252?Q?Orex_Minerals_Inc._and_Fresnillo_Plc_Sign_A...
1/4/2012(Barsele)=?windows-1252?Q?Orex_Provides_Update_on_Drilling_at_Barsele...
11/9/2011(Barsele)=?windows-1252?Q?Orex_Initiates_Drilling_at_Barsele_Gold_Pro...
9/20/2011(Barsele)=?windows-1252?Q?Orex_Completes_First_Phase_Ground_Geophysic...
5/24/2011Engages Sigorex as New Investor Relations Consultant
4/22/2011Minerals is on BTV this weekend
5/4/2010Commences drilling on the Coneto Gold-Silver Project
8/31/2009Geological Work Commences on Coneto Silver-Gold Project in M...
7/16/2009Signs Letter of Intent to Purchase 100% of Core Claims in Co...
9/2/2008Commencement of Production at Santa Cruz
5/12/2008Completes Mill Upgrading
1/31/2008Orex Minerals Provides Santa Cruz Project Update
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (REX.V)
0.580-3.33%
TSX-V
CA$ 0.580
05/27 15:13 -0.020
-3.33%
Prev close Open
0.600 0.590
Low High
0.580 0.590
Year l/h YTD var.
0.140 -  0.600 286.67%
52 week l/h 52 week var.
0.110 -  0.600 152.17%
Volume 1 month var.
85,000 23.40%
24hGold TrendPower© : 12
Produces
Develops
Explores for Copper - Gold - Silver
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
DateVariationHighLow
2016286.67%0.500.14
2015-42.31%0.340.11
201418.18%0.430.20
2013-51.11%0.620.19
2012-19.64%0.850.28
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Ormat technologiesORA
Document: Insider Ownership
US$ 43.38+0.21%Trend Power :
Anglo Asian Mining(Au-Cu)AAZ.L
FY2015 Results - Record gold production of 72Koz; 28.6Koz silver; 969t copper; and total revenues of
GBX 9.88-3.61%Trend Power :
Royal Gold(Ag-Au-Cu)RGLD
Royal Gold Announces Third Quarter Dividend
US$ 55.02-1.49%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Announces New Nominees to Board of Directors
CA$ 0.18-11.90%Trend Power :
Hecla Mining(Cu-Le-Zn)HL
Hecla to Acquire Mines Management
US$ 3.91-3.69%Trend Power :
CabotCBT
Board Increases Dividend
US$ 45.53+0.55%Trend Power :
Ormat technologiesORA
Ormat Technologies Secures $36 Million Supply EPC Contracts for a Geothermal Power Plant in New Ze
US$ 43.38+0.21%Trend Power :
Ivanhoe Mines(Ag-Au-Cu)IVN.TO
Kamoa Copper Project initiates major drilling program at the ne
CA$ 0.99-3.88%Trend Power :
Energy Fuels(Cu-Ni-Zn)EFR.TO
Announces Election of Directors and Results of Shareholder Meeting and Filing of Renewal of Prelimin
CA$ 2.87-2.71%Trend Power :
Claude Resources(Au-Cu-Ngas)CRJ.TO
Shareholders approve acquisition of Claude Resources by Silver Standard
CA$ 2.08-6.73%Trend Power :
Canalaska(Ag-Au-Co)CVV.V
Enters into $20.4 Million Deal with De Beers
CA$ 0.60+0.00%Trend Power :
Treasury MetalsTML.TO
Closing $4.0 Million Offering
CA$ 0.48-2.04%Trend Power :
American ManganeseAMY.V
CLOSES $200,500 PRIVATE PLACEMENT
CA$ 0.02-20.00%Trend Power :
UEX(Au-Cu-Ur)UEX.TO
Closes $7.25 Million Combined Flow-Through and Hard Dollar Private Placements
CA$ 0.22-4.44%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q1 2016 and Operations Update
CA$ 0.18-11.90%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Stornoway Announces Results From Annual General Meeting
CA$ 0.98+0.00%Trend Power :
Pure Gold.(Cu-Fe-Au)PGM.V
Intersects 10.9 g/t gold over 9.8 metres, Including 27.0 g/t gold over 3.8 Metres at the McVeigh Hor
CA$ 0.60-4.76%Trend Power :
Harvest Natural(Ngas-Oil)HNR
Announces 2016 First Quarter Results
US$ 0.43-4.44%Trend Power :
Premier Gold Mines(Au)PG.TO
Strengthens Senior Management
CA$ 2.82-5.37%Trend Power :
St Barbara(Au-Cu-Ni)SBM.AX
Presentation to Melbourne Mining Club
AU$ 2.66+3.50%Trend Power :