Orea Mining Corp. (TSX: OREA) (OTCQB: OREAF) (FSE: 3CG) is pleased to announce that it has closed its non-brokered private placement previously announced on January 9, 2023.

The Private Placement was oversubscribed, raising gross proceeds of CAD$1,056,900 through the issuance of 10,569,000 units at a price of CAD$0.10 per unit. Each unit is comprised of one common share of Orea, and one full warrant. Each warrant entitles the holder, on exercise, to purchase one Share at a price of CAD$0.15 for a period of 12 months from the closing date of the Private Placement. An aggregate of 227,430 finders’ warrants and CAD$22,743 has been paid in finders’ fees. The securities issued in the Private Placement are subject to a hold period expiring on May 24, 2023.

Orea intends to use the proceeds of the Private Placement for general working capital purposes.

The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. State Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor any other jurisdiction.

About Orea

Orea is awaiting a decision by the Supreme Court of France regarding the renewal of the Montagne d’Or mining titles (see press release of May 10, 2022). Montagne d’Or is a multi-million ounce, permitting stage, open pit gold mine development project, with good grade and excellent metallurgy, and with considerable potential to increase ounces by infill and expansion drilling.