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TORONTO, ONTARIO--(Marketwire - July 8, 2009)
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NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES
Oremex Resources Inc. (TSX VENTURE:ORM) ("Oremex" or the
"Company") announced today that it has completed the second
and final closings of its previously announced private placement.
A total of 14,999,900 units, for gross proceeds of $1,649,989, were
issued and sold under the private placement.
Following the closing of the first tranche announced on June 15 2009,
the Company issued and sold 100,000 units for gross proceeds of $11,000
on June 29, 2009 and 7,294,900 units for gross proceeds of $802,439 on
July 7, 2009.
Each unit was comprised of one common share of the Company and one-half
of one common share purchase warrant. Each whole warrant is exercisable
to purchase one common share of the Company, at a price of $0.15 per
share, for a period of two years from the date of issuance.
All of the securities issuable in connection with the offering are
subject to a hold period expiring four months and one day after the
date of issuance.
The Company paid approximately $36,450 (or 8% of the offering price) in
finder's fees in respect of certain subscriptions under the offering.
The Company will use the proceeds of the offering to fund Mexican
operations and for working capital and general corporate purposes.
The securities offered have not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in
the United States or to, or for the account or benefit of, U.S. persons
absent registration or an applicable exemption from registration
requirements. This release does not constitute an offer for sale of
securities in the United States.
Oremex is a Canadian-based exploration company with a focus on the
acquisition and development of mineral properties in Mexico. The
Company's principal properties are the Tejamen and San Lucas properties
located in the State of Durango and the Cuyoaco Property in the State
of Puebla. The Company's most advanced project Tejamen has an inferred
mineral resource of 50.8 million ounces of silver in a total of 22.6
million tonnes grading a silver-equivalent of 69.8 grams per tonne
(Wardrop Engineering Report NI 43-101 compliant April 2006). Snowden
Mining Industry Consultants completed a Preliminary Assessment Study
(NI 43-101 compliant October 2006) demonstrating that the project can
support a 10,000 tonne per day open pit, heap leach mining operation.
The Company continues with discussions with various federal and state
government officials and the Ejido of Tejamen (governing authority for
the village and surrounding lands) for surface access rights at the
Tejamen Property.
National Instrument 43-101 requires the following statement: that the
preliminary assessment is preliminary in nature, that it includes
inferred mineral resources that are considered too speculative
geologically to have the economic considerations applied to them that would
enable them to be categorized as mineral reserves, and there is no
certainty that the preliminary assessment will be realized.
Forward-Looking Statements: The above contains forward-looking
statements that are subject to a number of known and unknown risks,
uncertainties and other factors that may cause actual results to differ
materially from those anticipated in our forward-looking statements.
Factors that could cause such differences include: changes in world
commodity markets, equity markets, costs and supply of materials
relevant to the mining industry, change in government and changes to
regulations affecting the mining industry. Forward-looking statements
in this release include statements regarding future exploration
programs, operation plans, geological interpretations, mineral tenure
issues and mineral recovery processes. Although we believe the
expectations reflected in our forward-looking statements are
reasonable, results may vary, and we cannot guarantee future results,
levels of activity, performance or achievements.
Neither 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.
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