Orex Minerals Announces $1 Million Private Placement
OREX MINERALS ANNOUNCES $1 MILLION
PRIVATE PLACEMENT
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
VANCOUVER, BC
,
Nov. 28, 2023
/CNW/ -
Orex Minerals Inc.
(TSXV: REX) (OTCQB: ORMNF)
("
Orex
" or the "
Company
") is pleased to announce that the Company intends to undertake a non-
brokered private placement financing (the "
Offering
") to raise gross proceeds of up to
$1,000,000
from the sale of up to 6,666,667 units ("
Units
") at a price of
$0.15
per Unit, each Unit consisting of
one common share of the Company (each, a "
Share
") and one warrant (each, a "
Warrant
"). Each
Warrant will entitle the holder thereof to acquire one Share from the Company at a price of
$0.25
per Share for a period of 24 months from their date of issue.
The Company intends to use the net proceeds from the Offering for exploring its new Valenciana
Project in Zacatecas State and for general working capital purposes. Drill targets have been
identified on the main Valenciana structure, and a Phase-I diamond drilling program of 2000 to 3000
metres is proposed to test the down plunge projection of the mineralized shoots. In addition, some
geophysics to aid in delineating the higher temperature flow zones for this epithermal style of silver
and gold mineralization are planned.
The Offering is anticipated to close on or about
December 7, 2023
. The closing of the Offering is
subject to certain conditions, including the approval of the TSX Venture Exchange and certain other
conditions customary for a private placement of this nature. All securities issued pursuant to the
Offering will be subject to a statutory four month and one day hold period from their respective date
of issue.
The Company may pay a finder's fee in respect of those purchasers under the Offering introduced to
the Company by certain persons (each a "
Finder
"). Each Finder will receive a cash payment equal
to 6% of the gross proceeds received by the Company from purchasers under the Offering who
were introduced to the Company by such Finder.
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
FORWARD LOOKING STATEMENTS
This news release may contain forward-looking statements, including statements with respect to the
terms of the Offering, the receipt of regulatory approvals for the Offering, closing of the Offering and
use of proceeds of the Offering. These statements reflect management's current estimates, beliefs,
intentions and expectations; they are not guarantees of future performance. Forward-looking
statements address future events and conditions and therefore involve inherent risks and
uncertainties. Such factors include, among other things: risks and uncertainties relating to exploration
and development, the ability of the Company to obtain additional financing, the need to comply with
environmental and governmental regulations, fluctuations in the prices of commodities, operating
hazards and risks, competition and other risks and uncertainties, including those described in the
Company's financial statements, management discussion and analysis and/or annual information
form available on
www.sedarplus.ca
. The risk factors identified in such documents are not intended
to represent a complete list of factors that could affect the Company. Actual results may differ
materially from those currently anticipated in such statements and the Company undertakes no
obligation to update such statements, except as required by law.
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.
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SOURCE
Orex Minerals Inc.
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http://www.newswire.ca/en/releases/archive/November2023/28/c3800.html
%SEDAR: 00013850E
For further information:
please contact Orex Minerals Inc. at 604-687-8566, email
[email protected] or [email protected] or visit our website www.orexminerals.com
CO: Orex Minerals Inc.
CNW 09:00e 28-NOV-23