By Sheri Kasprzak
New York, April 26 - Oremex Resources Inc. has priced a C$7 million unit offering.
The deal includes up to 9,333,333 units at C$0.75 each, an 18.47% discount to the company's C$0.92 closing stock price on Wednesday.
The units consist of one share and one half-share warrant with each whole warrant exercisable at C$0.95 for 18 months.
The expiry of the warrants may be accelerated to 30 days if the stock trades above C$2.00 for more than 20 consecutive trading days.
The offering replaces a C$1 million PIPE priced on April 17 and a C$4 million offering priced April 12.
Proceeds will be used for exploration on the company's mineral properties, for property acquisitions and 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$7 million (maximum)
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| Units: | 9,333,333
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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 26
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| Stock symbol: | TSX Venture: ORM
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| Stock price: | C$0.92 at close April 26
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