NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Vancouver, BC - Orex Minerals Inc. - (TSX-V: REX) ("Orex")
announces a non-brokered private placement financing of 2,680,700 Units (the "Units") of the Company at a price of $0.25 per Unit for gross proceeds of $670,175. Each Unit will consist of one common share and one half of a common share purchase warrant ("Warrant"). Each whole Warrant will be exercisable for one common share at $0.30 for a period of 24 months from closing.
Orex also announces a private placement financing of 5,547,900 flow-through units (the "FT Units") of the Company at a price of $0.25 per FT Unit for gross proceeds of $1,386,975. Each FT Unit will consist of one flow-through common share and one half of a Warrant, each whole Warrant exercisable for one common share at $0.30 for a period of 24 months from closing.
Insiders have subscribed for 1,584,200 units and 1,361,400 FT Units.
Orex intends to use the net proceeds of the placements to fund exploration expenditures and for general working capital.
Finder's fees totalling $69,650 will be paid to arm's length finders in connection with the placements. The placements are subject to the acceptance of the TSX Venture Exchange (the "TSXV"). The securities issued in the placements will be subject to a four-month hold period.
Orex also wishes to announce the resignation of Mr. George Cavey as a Director of the Company. Mr. Cavey has agreed to continue to assist Orex as an advisor on a consulting basis. Management would like to thank Mr. Cavey for the invaluable expertise and experience he has provided the Company, and looks forward to working with Mr. Cavey in his advisory capacity.
ON BEHALF OF THE BOARD OF DIRECTORS
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 several current projects: its flagship property, the Barsele Gold Project
in Sweden, the Los Crestones Gold-Silver Project
in Sinaloa, Mexico, the Persistence Gold-Copper Project
and Jumping Josephine Gold-Silver Project
in British Columbia, and the Coneto Gold-Silver Project
in Durango, Mexico, which is currently under option to Fresnillo PLC.
For further information, please contact Orex Minerals Inc.
at (604) 687-8566, email email@example.com
or visit our website at www.orexminerals.com
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 and Orex undertakes no obligation to update such statements, except as required by law.
Neither 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.