CNW/ - Orex Minerals Inc.
Orex Closes Private Placement
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN
THE UNITED STATES/
VANCOUVER, BC
,
Jan. 12, 2024
/CNW/ -
Orex Minerals Inc. –
(TSXV: REX) (OTCQB: ORMNF)
("
Orex
" or the "
Company
") announces that it has closed its non-brokered private placement in only
one tranche as previously announced on November 28, 2023 (the "
Offering
"). As announced on
December 20, 2023, the Company previously issued 1,225,000 units (the "
Units
") at a price of
$0.15
per Unit for aggregate gross proceeds of
$183,750
under the Offering (see press release of
the Company dated December 20, 2023 for additional details).
The issuance of Units to
Ben Whiting
, President and CEO of the Company, under the First Tranche
is considered to be a related party transaction under Multilateral Instrument 61-101 –
Protection of
Minority Security Holders in Special Transactions
("
MI
61-101
"). The Company is relying on
exemptions from the formal valuation and minority shareholder approval requirements provided under
sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that participation in the First Tranche by such
related party does not exceed 25% of the fair market value of the Company's market capitalization.
The securities described herein have not been, and will not be, registered under the United States
Securities Act of 1933, as amended (the "
U.S. Securities Act
"), or any state securities laws, and
accordingly, may not be offered or sold within
the United States
except in compliance with the
registration requirements of the U.S. Securities Act and applicable state securities requirements or
pursuant to exemptions therefrom. This press release is not an offer or a solicitation of an offer of
securities for sale in
the United States
, nor will there be any sale of the securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful
.
ABOUT OREX MINERALS INC.
Orex Minerals Inc. is a mineral exploration company focused on precious and base metals
exploration in
Mexico
and
Canada
. Orex has several current projects: Two projects are located in
Durango State,
Mexico
, the Sandra Silver-Gold Project with Pan American Silver Corp. and the
Coneto Gold-Silver Project with Fresnillo PLC. The third project is the Valenciana Gold-Silver-Base
Metals Project in Zacatecas State,
Mexico
. The fourth project is the Jumping Josephine Gold Project
in
British Columbia, Canada
. Orex is managed by the experienced Belcarra Group Management Ltd.
(the "
Belcarra Group
"), comprised of highly qualified mining professionals.
ON BEHALF OF THE BOARD OF DIRECTORS
B. H. Whiting. P.Geo.
President and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
SOURCE
Orex Minerals Inc.
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For further information:
Please contact Orex Minerals Inc. at 604-687-8566, email
[email protected] or visit our website www.orexminerals.com.
CO: Orex Minerals Inc.
CNW 19:02e 12-JAN-24