Proceeds earmarked for exploration of Barsele, Las Mesas properties
By Devika Patel
Knoxville, Tenn., March 4 - Orex Minerals Inc. said it concluded a non-brokered private placement of units. The deal raised C$3.72 million.
Orex sold 4,653,000 units at C$0.80 apiece. Each unit consists of one common share and a half-share warrant. Each whole warrant is exercisable at C$1.00 for two years. The strike price reflects a 20.48% premium to the March 3 closing share price of C$0.83.
Proceeds will be used for exploration of the Barsele mineral property in Sweden and the Las Mesas project in Mexico. Proceeds also will be used for 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$3,722,400
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Units: | 4,653,000
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Price: | C$0.80
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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$0.30
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Agent: | Non-brokered
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Settlement date: | March 4
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Stock symbol: | TSX Venture: REX
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Stock price: | C$0.87 at close March 4
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Market capitalization: | C$19.85 million
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