NEWS RELEASE TRANSMITTED BY Marketwired
FOR: Orex Minerals Inc.
TSX VENTURE SYMBOL: REX
MARCH 24, 2014
Orex Closes $2.1 Million First Tranche of Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 24, 2014) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED
Orex Minerals Inc. - (TSX VENTURE:REX) ("Orex" or the
"Company") is pleased to announce that it has closed the first
tranche of its private placement announced on February 27, 2014, issuing
8,658,000 units of the Company (the "Units") at a price of $0.25 per
Unit for aggregate gross proceeds of $2,164,500. Each Unit consists of one
common share and one half of a common share purchase warrant. Each whole
warrant will be exercisable for one common share of the Company at $0.30 for a
period of 24 months from closing, expiring March 24, 2016. The shares and
Warrants comprising the Units and any shares issued upon the exercise of the
Warrants are subject to a hold period which expires on July 25, 2014.
Orex intends to use the net proceeds for continued exploration and development
of its Los Crestones Property located in Sinaloa, Mexico and for general
corporate and working capital purposes.
M Partners Inc. acted as lead agent for the private placement. In consideration
for its services, Orex paid M Partners Inc. $189,305 CAD, plus a broker's
warrant exercisable until March 24, 2016 for 757,220 shares at a price of $0.25
A total of 81,335,199 common shares of the Company are outstanding following
the closing of the first tranche of the placement. 4,120,000 of the Units sold
in the first tranche of the private placement were subscribed to by insiders of
the Company, representing 48% of the Units sold.
The Units 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.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Cope, President
ABOUT OREX MINERALS INC.
Orex Minerals Inc. (TSX VENTURE:REX) is a Canadian-based junior exploration
company comprised of highly qualified mining professionals. The Company has
several current projects: 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
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Orex Minerals Inc.
(604) 687-8566 X227
INDUSTRY: Manufacturing and Production - Mining and Metals
-0- Mar/24/2014 20:30 GMT
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