Deal raises funds for Mexican operations, exploration and development
By Devika Patel
Knoxville, Tenn., Sept. 22 - Oremex Resources Inc. said its planned private placement of units has been increased to C$1.95 million from C$1.7 million. The deal priced on Sept. 20.
The company is selling units at C$0.09 apiece. Each unit will consist of one share and one half-share warrant, with each whole two-year warrant exercisable at C$0.14.
The strike price reflects a 27.27% premium to the Sept. 17 closing share price of C$0.11.
Sprott Asset Management plans to participate.
Proceeds will be used to fund Mexican operations, exploration and development on Oremex's project portfolio, to pursue corporate acquisitions and for working capital and general corporate purposes.
"Sprott Asset Management is among the most recognized and highly regarded investment management firms in the world, particularly for its knowledge and expertise in the mining sector," Oremex chairman John Carlesso said in a press release at pricing.
"We are pleased to have their support as we enter a particularly active phase of growth and development for the company."
Based in Vancouver, B.C., Oremex is a mineral exploration company.
| Issuer: | Oremex Resources Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$1.95 million
|
| Price: | C$0.09
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.14
|
| Investor: | Sprott Asset Management
|
| Pricing date: | Sept. 20
|
| Upsized: | Sept. 22
|
| Stock symbol: | TSX Venture: ORM
|
| Stock price: | C$0.11 at close Sept. 17
|
| Market capitalization: | C$10.28 million
|
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