By Devika Patel
Knoxville, Tenn., June 2 - Orex Minerals Inc. said it will conduct a C$5.3 million private placement of units.
The company will sell up to 17,675,000 units at C$0.30 apiece. Each unit consists of one common share and one half-share warrant.
Each whole two-year warrant is exercisable at C$0.40.
PI Financial Corp. and Haywood Securities Inc. will be co-lead agents. The agents have a greenshoe of 3,535,000 units, or C$1.06 million.
Proceeds will be used to advance exploration and development of the company's Santa Cruz mineral property in Mexico and for general working capital purposes.
Orex is a junior mineral exploration company based in Vancouver, B.C.
| Issuer: | Orex Minerals Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$5,302,500
|
| Greenshoe: | C$1,060,500
|
| Units: | 17,675,000
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
| Agent: | PI Financial Corp. and Haywood Securities Inc. (co-leads)
|
| Pricing date: | June 2
|
| Stock symbol: | TSX Venture: REX
|
| Stock price: | C$0.315 at close May 30
|
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