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Orex Minerals Inc Announces Private Placements


Friday, 6 Sep 2013 04:55pm EDT 

Orex Minerals Inc announced 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 announced 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. 

Company Quote

0.26
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30 Oct 2014