Vancouver, BC – Orex Minerals Inc. – (TSX.V: REX) (“Orex“) announces that it has closed its previously announced non-brokered private placement (the “Offering”) for aggregate gross proceeds of CAD $1,686,600. The Offering consisted of 6,786,400 units (the “Units”) at a price of $0.25 per unit, with each unit consisting of one common share and one-half of a transferrable common share purchase warrant (“Warrant”). Each whole Warrant will be exercisable for one common share at $0.30 for a period of two years expiring November 21, 2015.
The total number of shares outstanding after the closing of the Offering is 71,677,199. Orex paid finder’s fees of 7% for the Offering in shares totalling 10,500 shares. 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, which will expire on March 22, 2014. Some of the shares were subscribed by 683192 B.C. Ltd., a company wholly owned and controlled by Gary Cope, President of Orex.
Orex intends to use the net proceeds of the Offering to fund additional exploration of the Barsele Gold Project in Sweden, and to fund exploration of the Los Crestones Project in Mexico and for general working capital purposes.
ON BEHALF OF THE BOARD OF DIRECTORS
The units, common shares and warrants 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.
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:
Corporate Communications/Investor Relations
(604) 687-8566 ext. 227
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.