By Sheri Kasprzak
New York, April 12 - Oremex Resources Inc. has priced a C$4 million private placement.
The deal includes up to 5,333,333 units at C$0.75 each.
The units are comprised of one share and one half-share warrant. Each whole warrant allow for the purchase of another share at C$0.95 each for 18 months.
The expiry of the warrants may be accelerated to 30 days if the company's stock trades above C$2.00 for more than 15 consecutive trading days.
The offering includes a greenshoe for up to 1,333,333 units.
Proceeds will be used for expansion, diamond drilling and development and a feasibility study on the Tejamen, Mexico property. The remainder will be used for working capital.
Based in Vancouver, B.C., Oremex is a mineral exploration company.
| Issuer: | Oremex Resources Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$4 million (maximum)
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| Units: | 5,333,333 (maximum)
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| Greenshoe: | For up to 1,333,333 units
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| Price: | C$0.75
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$0.95
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| Pricing date: | April 12
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| Stock symbol: | TSX Venture: ORM
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| Stock price: | C$0.89 at close April 11
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