The Prospector News

Orex Closes $2.1 Million First Tranche of Private Placement

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Orex Closes $2.1 Million First Tranche of Private Placement

 

 

 

 

 

Orex Minerals Inc. – (TSX-V:REX) is pleased to announce that it has closed the first tranche of its private placement announced on February 27, 2014, issuing 8,658,000 units of the Company at a price of $0.25 per Unit for aggregate gross proceeds of $2,164,500. Each Unit consists of one common share and one half of a common share purchase warrant. Each whole warrant will be exercisable for one common share of the Company at $0.30 for a period of 24 months from closing, expiring March 24, 2016. The shares and Warrants comprising the Units and any shares issued upon the exercise of the Warrants are subject to a hold period which expires on July 25, 2014.
 

Orex intends to use the net proceeds for continued exploration and development of its Los Crestones Property located in Sinaloa, Mexico and for general corporate and working capital purposes.
 

M Partners Inc. acted as lead agent for the private placement. In consideration for its services, Orex paid M Partners Inc. $189,305 CAD, plus a broker’s warrant exercisable until March 24, 2016 for 757,220 shares at a price of $0.25 per share.
 

A total of 81,335,199 common shares of the Company are outstanding following the closing of the first tranche of the placement. 4,120,000 of the Units sold in the first tranche of the private placement were subscribed to by insiders of the Company, representing 48% of the Units sold.
 

The Units have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to U.S. Persons absent registration or an applicable exemption from registration. This press release is not an offer or a solicitation of an offer of securities for sale in the United States, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

ABOUT OREX MINERALS INC.
 

Orex Minerals Inc. is a Canadian-based junior exploration company comprised of highly qualified mining professionals. The Company has several current projects: the Barsele Gold Project in Sweden, the Los Crestones Gold-Silver Project in Sinaloa, Mexico, the Persistence Gold-Copper Project and Jumping Josephine Gold-Silver Project in British Columbia, and the Coneto Gold-Silver Project in Durango, Mexico, which is currently under option to Fresnillo PLC.

Posted March 25, 2014

Share this news article

MORE or "UNCATEGORIZED"


VIZSLA SILVER AGREES TO ACQUIRE NEWLY CONSOLIDATED PAST-PRODUCING SILVER DISTRICT IN THE EMERGING SILVER-GOLD-RICH PANUCO - SAN DIMAS CORRIDOR IN MEXICO

Vizsla Silver Corp. (TSX-V: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) i... READ MORE

March 28, 2024

Additional Drill Results Highlighted by Hole D-380 in Block 6 at Oko West, Intersecting 39.7 m Grading 5.27 g/t Au Including 2.8 m @ 14.18 g/t Au and 13.0 m Grading 10.50 g/t Au

Reunion Gold Corporation (TSX-V: RGD) (OTCQX: RGDFF) is pleased t... READ MORE

March 28, 2024

STLLR Gold’s Tower Gold Project Infill Drilling Continues to Confirm Mineralization at the Jonpol Deposit

STLLR Gold Inc. (TSX: STLR) (OTCQX: STLRF) (FSE: O9D) announces ... READ MORE

March 28, 2024

Hudbay Provides Annual Reserve and Resource Update and Production Outlook

Consolidated copper production is expected to average 153,000i to... READ MORE

March 28, 2024

Aya Gold & Silver: Record 2023 Production, Revenue and Operating Cash Flow

Aya Gold & Silver Inc. (TSX: AYA) (OTCQX: AYASF) is pleased t... READ MORE

March 28, 2024

Copyright 2024 The Prospector News