Proceeds are earmarked for exploration of Barsele mineral property
By Devika Patel
Knoxville, Tenn., Nov. 9 - Orex Minerals Inc. said it settled a C$1.93 million non-brokered private placement of units. The deal priced for C$4 million on Oct. 26.
The company sold 3,856,000 units of one common share and a half-share warrant at C$0.50 per unit. Kudu Partners LP bought C$1 million of the units.
Each whole warrant is exercisable at C$0.75 for two years. The strike price reflects a 33.93% premium to the Oct. 25 closing share price of C$0.56.
Proceeds will be used for exploration of the Barsele mineral property in Sweden and general working capital.
Based in Vancouver, B.C., Orex mines for silver and gold.
Issuer: | Orex Minerals Inc.
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Issue: | Units of one common share and a half-share warrant
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Amount: | C$1,928,000
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Units: | 3,856,000
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Price: | C$0.50
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.75
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Agent: | Non-brokered
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Investor: | Kudu Partners LP (for C$1 million)
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Pricing date: | Oct. 26
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Settlement date: | Nov. 9
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Stock symbol: | TSX Venture: REX
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Stock price: | C$0.58 at close Oct. 26
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Market capitalization: | C$19.41 million
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