The Prospector News

Orex Amends Barsele Acquisition Agreement to Defer Cash Payment and Accelerate Share Payments

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Orex Amends Barsele Acquisition Agreement to Defer Cash Payment and Accelerate Share Payments

 

 

 

 

 

Orex Minerals Inc. (TSX VENTURE:REX) is pleased to announce that it has agreed with Northland Resources S.A. 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.
 

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.

 

 

 

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.

Posted May 3, 2013

Share this news article

MORE or "UNCATEGORIZED"


Red Pine Extends Mineralization 140 m Down-Dip of the Current Surluga Resource

Red Pine Exploration Inc. (TSX-V: RPX) is pleased to report drilling results fr... READ MORE

January 21, 2022

Sierra Metals Announces Positive Updated PEA on the Expansion at Its Yauricocha Mine in Peru

Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) is... READ MORE

January 21, 2022

Western Uranium & Vanadium Corp. Closes Oversubscribed Second Tranche of Private Placement for $4,000,000

Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) is... READ MORE

January 20, 2022

Well mineralized Gold-Copper Porphyry intersected below Alba gold discovery, Bramaderos Project, Ecuador

Cornerstone Capital Resources Inc. (TSX-V:CGP) (OTC:CTNXF) (FWB:GWN1) is pleased to p... READ MORE

January 20, 2022

Monarch Continues to Define High-Grade Gold Mineralization Near Surface at the Beaufor Mine With 99.7 g/t Au Over 0.6 m (1.97 Ft)

Monarch has received the final assays from its 2021 surface drill... READ MORE

January 20, 2022

We acknowledge the [financial] support of the Government of Canada.

Government of Canada Supported
Copyright 2022 The Prospector News