Vancouver, British Columbia
Orex Minerals Inc.
" or the "Company
") - REX: TSX-V. Orex announces that it has increased the size of its non-brokered private placement announced by news release dated September 29, 2008 and revised the terms thereof. The placement has been increased from 12,000,000 units to up to 15,000,000 units at a revised price of $0.10 per unit for total proceeds of $1,500,000. Each unit is comprised of one common share and one whole non-transferable share purchase warrant. Each warrant is exercisable into an additional common share for a period of two years from closing at a price of $0.15 per share.
The Company will pay a finder's fee in accordance with the policies of the TSX Venture Exchange in cash or units. All securities issued under the private placement are subject to a hold period expiring four months and one day from the closing date.
The private placement is subject to the acceptance of the TSX Venture Exchange.
Orex will use the net proceeds of these financings to advance exploration and development of its Santa Cruz mineral property in Mexico and for general working capital purposes.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Cope, President and Chief Executive Officer
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.
The securities offered have not been 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 the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
The TSX Venture Exchange has not reviewed and does not accept responsibility for this News Release. 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.
For further information, contact Orex Minerals Inc. at (604) 684-4691 or
Via email at email@example.com or visit our website on line at www.orexminerals.com