Orex Minerals Inc. ("Orex" or the "Company") - REX: TSX-V. Orex is pleased to report that it has closed its non-brokered private placement (the "Private Placement") of 30,000,000 units at $0.10 per unit (each a "Unit") for total gross proceeds of $3,000,000. Each Unit consists of one common share (a "Share") and one half of a non-transferable share purchase warrant (each a "Warrant"). Each whole Warrant is exercisable into one additional Share of the Company at a price of $0.15 per Share for a period of two years from the date of closing of the Private Placement.
In addition, the Company issued an aggregate of 2,250,000 finder's units (the "Finder's Units") to finders acting in connection with the Private Placement, representing 7.5% of the total proceeds of the Private Placement. Each Finder's Unit consists of one Share and one half of a non-transferable share purchase warrant (each a "Finder's Warrant"). Each whole Finder's Warrant is exercisable into one additional Share of the Company at a price of $0.15 per Share for a period of two years from the date of closing of the Private Placement.
All securities issued under this Private Placement are subject to a four month hold period expiring on February 15, 2010.
The proceeds of the Private Placement will be used for exploration on the Company's Mexican mineral projects, working capital purposes and for due diligence on potential acquisitions.
Orex further advises that all resolutions proposed at its recently held annual general meeting, including the re-pricing of existing options held by insiders and the adoption of a new stock option plan, were approved.
Orex also announces that effective October 1, 2009, its new head office is located at Suite 1180 -- 999 West Hastings Street, Vancouver BC V6C 2W2. The new phone number is 604-687-6310.
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.
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. 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) 687-6310 or
Via email at or visit our website on line at www.orexminerals.com
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