Three-year arrangement sells common stock at a 10% discount to market
By Devika Patel
Knoxville, Tenn., July 19 - Oremex Silver Inc. said it has negotiated a C$5 million three-year equity facility with an institutional investor.
The shares will be sold at a 10% discount to market. The maximum amount of each drawdown is set at C$200,000.
"The equity facility provides dedicated capital that can be accessed on an as-needed basis," executive chairman John Carlesso said in a press release. "This method will allow the company to minimize dilution of its share capital while ensuring the stability to maintain its corporate development objectives over an extended period of time."
Based in Toronto, Oremex explores for silver.
| Issuer: | Oremex Silver Inc.
|
| Issue: | Equity facility
|
| Amount: | C$5 million
|
| Tenor: | Three years
|
| Price: | 10% discount
|
| Warrants: | No
|
| Pricing date: | July 19
|
| Stock symbol: | TSX Venture: OAG
|
| Stock price: | C$0.05 at close March 31
|
| Market capitalization: | C$5.53 million
|
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