Vancouver, B.C. - Orex Minerals Inc. - (REX: TSX-V)
("Orex" or the "Corporation") announces that it is proposing a consolidation (the "Share Consolidation") of its issued and outstanding common shares (the "Common Shares") on the basis of one (1) new common share for every five (5) Common Shares currently issued and outstanding (the "New Common Shares").
Currently there are 112,586,758 Common Shares of the Corporation issued and outstanding. On a post-consolidated basis, the Corporation anticipates that there will be approximately 22,517,351 New Common Shares of the Corporation issued and outstanding.
The Share Consolidation is subject to TSX Venture Exchange approval and shareholder approval and therefore is being proposed to holders of Common Shares at the Corporation's upcoming annual general and special meeting on October 8, 2010 (the "Meeting"). The Board of Directors believes that consolidation of the Common Shares should enhance their marketability as an investment and should facilitate additional financing to fund potential upcoming projects.
No fractional New Common Shares will be issued as a result of the Share Consolidation. If, as a result of the Share Consolidation, the holder of New Common Shares would otherwise be entitled to a fraction of a share, each fractional share following conversion that is less than one-half of a share will be cancelled and each fractional share that is at least one-half of a share will be rounded up to the nearest whole number. In addition, the exercise price and number of common shares of the Corporation issuable upon the exercise of outstanding options, warrants and other convertible securities will be proportionally adjusted upon the implementation of the proposed share consolidation. Notwithstanding shareholder approval, the Board of Directors may, in their sole discretion, revoke the resolution approving the Share Consolidation at any time prior to its implementation.
The Corporation does not intend to change its name or seek a new stock trading symbol from the TSX Venture Exchange in connection with the Share Consolidation.
Further details with regard to the background, reasoning and impact of the proposed share consolidation are contained in the Corporation's information circular dated September 1, 2010, a copy of which is available electronically at www.sedar.com
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.
ON BEHALF OF THE BOARD OF DIRECTORS
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.