Non-brokered deal funds revised mine development plan, working capital
By Devika Patel
Knoxville, Tenn., Sept. 6 – Orex Exploration Inc. said it plans a non-brokered private placement of units to raise between C$1.25 million and C$1.5 million.
The company will sell between 25 million and 30 million units of one common share and one warrant at C$0.05 per unit. Each warrant will be exercisable at C$0.06 for five years. The strike price is a 50% premium to the Sept. 2 closing share price of C$0.04.
Proceeds will be used to establish a revised mine development plan, define and undertake a supplementary exploration program on the Goldboro Property and for working capital purposes.
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.
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| Issue: | Units of one common share and one warrant
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| Amount: | C$1.25 million (minimum), C$1.5 million (maximum)
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| Units: | 25 million (minimum), 30 million (maximum)
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| Price: | C$0.05
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| Warrants: | One warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | C$0.06
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| Agent: | Non-brokered
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| Pricing date: | Sept. 6
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| Stock symbol: | TSX Venture: OX
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| Stock price: | C$0.04 at close Sept. 2
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| Market capitalization: | C$6.88 million
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