-- Posted Wednesday, 9 November 2011 | | Disqus
Orex Minerals Inc. ("Orex" or the "Company") (TSX.V: REX, ORXIF.PK) announces that it has closed its non-brokered private placement of units for aggregate gross proceeds of $1,928,000. The private placement consisted of 3,856,000 units at a price of $0.50 per unit, with each unit consisting of one common share and one half share purchase warrant. Each whole warrant is exercisable for one common share at a price of $0.75 for a period of two years from closing of the private placement. The total number of shares of Orex outstanding after the closing of the private placement is 36,448,415. The Company paid a finder’s fee of 7.0 %, which was composed of 205,100 units, and $5,250 in cash, in accordance with the policies of the TSX Venture Exchange. All securities issued under the private placement are subject to a hold period under securities law of four months and a day from the date of the closing of the private placement.
Orex intends to use the net proceeds of the private placement to advance exploration of the Barsele mineral property in Sweden and also for general working capital.
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.
Suite 1180 – 999 West Hastings Street, Vancouver, BC, Canada V6C 2W2
Phone: 604.687.6310 Fax: 604.687.6365 Email: info@orexminerals.com
www.orexminerals.com
The units, common shares and warrants have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States 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.
FORWARD-LOOKING INFORMATION
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.
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.
-- Posted Wednesday, 9 November 2011 | Digg This Article
| Source: GoldSeek.com
