Non-brokered deal funds drilling, exploration of Barsele Gold Project
By Devika Patel
Knoxville, Tenn., Sept. 24 - Orex Minerals Inc. said it settled a C$2 million non-brokered private placement of units. The deal priced for C$5 million on Aug. 16.
The company sold 4,006,800 units of one common share and a half-share warrant at C$0.50 per unit.
Each whole warrant is exercisable at C$0.75 until Sept. 24, 2014. The strike price reflects a 44.23% premium to the Aug. 15 closing share price of C$0.52.
Proceeds will be used for drilling and exploration of the Barsele Gold Project in Sweden and 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$2,003,400
|
| Units: | 4,006,800
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Sept. 24, 2014
|
| Warrant strike price: | C$0.75
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 16
|
| Settlement date: | Sept. 24
|
| Stock symbol: | TSX Venture: REX
|
| Stock price: | C$0.52 at close Aug. 15
|
| Market capitalization: | C$20.7 million
|
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