Non-brokered offering conducted at C$0.05 per unit to fund exploration
By Devika Patel
Knoxville, Tenn., Dec. 23 – Orex Exploration Inc. said it raised C$375,000 in the first tranche of a C$1.5 million non-brokered private placement of units.
The company is selling 30 million units of one common share and one warrant at C$0.05 per unit. It sold 7.5 million units in the initial tranche.
Each warrant is exercisable at C$0.75 for five years.
Proceeds will be used for exploration on the Goldboro gold project.
Orex is a Montreal-based junior resource and exploration company that holds a 100% interest in the Goldboro Gold Project in Nova Scotia.
| Issuer: | Orex Exploration Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.5 million
|
| Units: | 30 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.75
|
| Agent: | Non-brokered
|
| Settlement date: | Dec. 23 (for C$375,000)
|
| Stock symbol: | TSX Venture: OX
|
| Stock price: | C$0.02 at close Dec. 22
|
| Market capitalization: | C$3.29 million
|
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