Offering's proceeds are earmarked for exploration and working capital
By Devika Patel
Knoxville, Tenn., Feb. 2 - Orex Minerals Inc. priced a C$2 million private placement of units with Fresnillo plc. The deal was announced on Feb. 10, 2011.
The company will sell units of one common share and a half-share warrant at C$0.80 per unit.
Each whole warrant is exercisable at C$1.00 for two years. The strike price reflects a 49.25% premium to the Feb. 1 closing share price of C$0.67.
Settlement is expected Feb. 7.
Proceeds will be used for exploration of the Barsele project and for general working capital.
Based in Vancouver, B.C., Orex mines for silver and gold.
| Issuer: | Orex Minerals Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$2 million
|
| Price: | C$0.80
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00
|
| Investor: | Fresnillo plc
|
| Announcement date: | Feb. 10, 2011
|
| Pricing date: | Feb. 2
|
| Settlement date: | Feb. 7
|
| Stock symbol: | TSX Venture: REX
|
| Stock price: | C$0.67 at close Feb. 1
|
| Market capitalization: | C$24.06 million
|
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