By Sheri Kasprzak
New York, April 17 - Oremex Resources Inc. has priced another private placement - this one for C$1 million.
The non-brokered offering includes up to 1.25 million units at C$0.80 each.
The units consist of one share and one half-share warrant, each of which is exercisable at C$1.00 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 proceeds will be used for drilling and other exploration work on the company's San Lucas property, for exploration on other properties and for property acquisitions in Mexico.
On April 12, the company priced another private placement for up to C$4 million.
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$1 million (maximum)
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| Units: | 1.25 million (maximum)
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| Price: | C$0.80
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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$1.00
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| Placement agent: | Non-brokered
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| Pricing date: | April 17
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| Stock symbol: | TSX Venture: ORM
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| Stock price: | C$1.00 at close April 17
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