Offering conducted by M Partners to fund exploration and development
By Devika Patel
Knoxville, Tenn., March 25 - Orex Minerals Inc. said it raised C$2.5 million in the second and final tranche of a C$4.67 million private placement of units. M Partners Inc. was the lead agent for the deal, which priced for C$5 million with a 15% greenshoe on Feb. 27 and raised C$2.17 million on Monday.
The company sold 18,658,000 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 and 10 million units in the second tranche.
Each whole warrant is exercisable at C$0.30 for two years, with the first-tranche warrants expiring on March 24, 2016 and the second-tranche warrants expiring on March 25, 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$4,664,500
|
| Units: | 18,658,000
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | March 24, 2016, March 25, 2016
|
| Warrant strike price: | C$0.30
|
| Agent: | M Partners Inc. (lead)
|
| Pricing date: | Feb. 27
|
| Settlement dates: | March 24 (for C$2,164,500), March 25 (for C$2.5 million)
|
| Stock symbol: | TSX Venture: REX
|
| Stock price: | C$0.25 at close Feb. 26
|
| Market capitalization: | C$17.56 million
|
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