Vancouver, BC -- Orex Minerals Inc. -- (TSX-V: REX) ("Orex")
announces that it has completed its non-brokered private placement (the "Offering") previously announced on February 18, 2013 for aggregate gross proceeds of CAD $750,000. The Offering consisted of 1,500,000 shares at a price of $0.50 per share. All of the shares were subscribed for by 683192 B.C. Ltd., a company wholly owned and controlled by Gary Cope, CEO of Orex.
Orex intends to use the net proceeds of the Offering to fund additional drilling and exploration of the Barsele Gold Project in Sweden and the Los Crestones project in Sinaloa, Mexico and for general working capital.
The total number of shares outstanding after the closing of the Offering is 48,986,699. The Offering is subject to certain conditions including, but not limited to, receipt of all necessary regulatory approvals, including the final approval of the TSX Venture Exchange and the securities regulatory authorities. All securities issued under the Offering are subject to a hold period under securities law of four months and a day from the date of the closing of the Offering.
ABOUT OREX MINERALS INC.
Orex Minerals Inc. (TSX-V: REX) is a Canadian-based junior exploration company comprised of highly qualified mining professionals. The Company has three current projects: its flagship property, the Barsele Gold Project located in Sweden, the Coneto Silver-Gold Project situated in Durango, Mexico, currently under option to Fresnillo PLC, and the Los Crestones project in Sinaloa, Mexico.
ON BEHALF OF THE BOARD OF DIRECTORS
The common shares 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.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, use of proceeds, closing of the offering and obtaining regulatory approvals 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 and Orex undertakes no obligation to update such statements, except as required by law.
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.
For further information, please contact:
Corporate Communications/Investor Relations
(604) 687-8566 ext. 227