Non-brokered offering will finance exploration and working capital
By Devika Patel
Knoxville, Tenn., May 2 - Oremex Silver Inc. said it revised a C$1.5 million non-brokered private placement of units. The deal priced on April 16.
The company will now sell 11,111,111 units of one common share and one half-share warrant at C$0.135 per unit. Each whole warrant is exercisable at C$0.19 for two years.
The strike price represents an 18.75% premium to C$0.16, the April 13 closing share price.
Oremex previously planned to sell 10 million units of one common share and one half-share warrant at C$0.15 per unit, with each whole warrant exercisable at C$0.20 for two years.
Proceeds will be used for exploration activities in Mexico and general working capital purposes.
Based in Toronto, Oremex explores for silver.
| Issuer: | Oremex Silver Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.5 million
|
| Units: | 11,111,111
|
| Price: | C$0.135
|
| Warrants: | One half-share warrant per unit
|
| Warrant strike price: | C$0.19
|
| Warrant expiration: | Two years
|
| Agent: | Non-brokered
|
| Pricing date: | April 16
|
| Amended: | May 2
|
| Stock symbol: | TSX Venture: OAG
|
| Stock price: | C$0.16 at close April 13
|
| Market capitalization: | C$17.2 million
|
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