Offering's proceeds are earmarked for exploration and working capital
By Devika Patel
Knoxville, Tenn., Nov. 21 - Orex Minerals Inc. said it took in C$1.7 million in a non-brokered private placement of units. The deal priced for C$5 million on Sept. 25.
The company sold 6,786,400 units of one common share and a half-share warrant at C$0.25 per unit.
Each whole warrant is exercisable at C$0.30 until Nov. 21, 2015. The strike price reflects an 11.11% premium to the Sept. 24 closing share price of C$0.27.
Proceeds will be used for exploration of the Barsele gold project and the Los Crestones 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$1,696,600
|
| Units: | 6,786,400
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Nov. 21, 2015
|
| Warrant strike price: | C$0.30
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 25
|
| Settlement date: | Nov. 21
|
| Stock symbol: | TSX Venture: REX
|
| Stock price: | C$0.27 at close Sept. 24
|
| Market capitalization: | C$13.3 million
|
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