By Devika Patel
Knoxville, Tenn., Oct. 24 - Orex Exploration Inc. said it has arranged a non-brokered private placement of flow-through and non flow-through units for C$3.5 million.
The company will sell up to 10 million non flow-through units at C$0.10 apiece for C$1 million and up to 19,230,769 flow-through units at C$0.13 apiece for C$2.5 million.
Each flow-through unit will consist of one flow-through share and one two-year warrant exercisable at C$0.20 for the first year and C$0.40 for the second year.
Each non flow-through unit will consist of one common share and one half share warrant, with each whole warrant exercisable at C$0.15 for one year.
Proceeds will be used for exploration and development and for working capital purposes.
Based in Rouyn-Noranda, Quebec, Orex Exploration is in the process of exploring mineral properties and only has one mining project, the Goldboro project
| Issuer: | Orex Exploration Inc.
|
| Issue: | Non flow-through units of one common share and one half-share warrant; flow-through units of one flow-through share and one warrant
|
| Amount: | C$3.5 million (maximum)
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 24
|
| Stock symbol: | TSX Venture: OX
|
| Stock price: | C$0.12 at close Oct. 24
|
|
|
| Non flow-through units
|
| Amount: | $1 million (maximum)
|
| Units: | 10 million (maximum)
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.15
|
|
|
| Flow-through units
|
| Amount: | C$2.5 million (maximum)
|
| Units: | 19,230,769 (maximum)
|
| Price: | C$0.13
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20 for the first year; C$0.40 thereafter
|
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