By Devika Patel
Knoxville, Tenn., July 8 - Oremex Resources Inc. said it completed the second and final tranche of a non-brokered private placement of units for C$843,689. The deal priced for C$1.5 million on June 2 and was increased to C$1.65 million on June 12. On June 15, the company raised C$806,300.
The company sold a total of 14,999,900 units of one common share and one half-share warrant at C$0.11 per unit. It sold 7.33 million units in the first tranche and 7,669,900 units in the second tranche.
Each whole warrant will be exercisable at C$0.15 for two years.
Proceeds will be used for Mexican operations, working capital and general corporate purposes.
Based in Vancouver, B.C., Oremex is a mineral exploration company.
| Issuer: | Oremex Resources Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1,649,989
|
| Units: | 14,999,900
|
| Price: | C$0.11
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.15
|
| Agent: | Non-brokered
|
| Pricing date: | June 2
|
| Upsized: | June 12
|
| Settlement date: | June 15 (for C$806,300), July 7 (for C$843,689)
|
| Stock symbol: | TSX Venture: ORM
|
| Stock price: | C$0.13 at close June 1
|
| Market capitalization: | C$9.07 million
|
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