Offering conducted by M Partners to fund exploration and development
By Devika Patel
Knoxville, Tenn., March 24 - Orex Minerals Inc. said it raised C$2.16 million in the first tranche of a C$5 million private placement of units. M Partners Inc. is the lead agent for the deal, which priced with a 15% greenshoe on Feb. 27.
The company is selling 20 million units of one common share and a half-share warrant at C$0.25 per unit. It sold 8,658,000 units in the initial tranche.
Each whole warrant is exercisable at C$0.30 for two years, with the first-tranche warrants expiring on March 24, 2016. The strike price reflects a 20% premium to the Feb. 26 closing share price of C$0.25.
Proceeds will be used for exploration and development of the Los Crestones Property in Sinaloa, Mexico, and for general corporate and working capital purposes.
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$5 million
|
| Greenshoe: | 15%
|
| Units: | 20 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years, March 24, 2016
|
| Warrant strike price: | C$0.30
|
| Agent: | M Partners Inc. (lead)
|
| Pricing date: | Feb. 27
|
| Settlement date: | March 24 (for C$2,164,500)
|
| Stock symbol: | TSX Venture: REX
|
| Stock price: | C$0.25 at close Feb. 26
|
| Market capitalization: | C$17.2 million
|
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