Orex Minerals Closes Warrant Exercise Incentive Program
Orex Minerals Closes Warrant Exercise
Incentive Program
VANCOUVER, BC
,
Nov. 12, 2024
/CNW/ -
Orex Minerals Inc.
(TSXV: REX) (OTCQB: ORMNF)
("Orex" or the "Company")
is pleased to announce the completion of the Company's warrant
exercise incentive program previously announced on
October 7
and extended on
November 1, 2024
(the "
Incentive Program
") raising approximately
$1.2 million
.
A total of 6,366,282 common shares in the capital of the Company (each a "
Common Share
") were
issued upon the exercise of 6,366,282 outstanding share purchase warrants (the "
Outstanding
Warrants
") permitted to participate under the Incentive Program, providing gross proceeds of
$1,209,594
to REX from the Incentive Program (at
$0.19
per Outstanding Warrant).
For every Outstanding Warrant exercised, the holders of such Outstanding Warrant received the one
Common Share to which they were otherwise entitled under the terms of the Outstanding Warrants
and one common share purchase warrant (each whole warrant, an "
Incentive Warrant
"). Each
Incentive Warrant allows the holder to acquire one Common Share at an exercise price of
$0.25
for
a period of two years following the date of the issuance of the Incentive Warrant. A total of
6,366,282 Incentive Warrants were issued pursuant to the Incentive Program.
Holders of 7,891,617 Outstanding Warrants were eligible to participate in the Incentive Program. For
those holders of Outstanding Warrants who chose not to participate in the Incentive Program, such
Outstanding Warrants will remain outstanding and continue to be exercisable for Common Shares on
their current terms (including the amended exercise price of
$0.19
per Outstanding Warrant) until
their applicable expiry date, at which time any Outstanding Warrants that remain unexercised will
expire and be cancelled pursuant to their terms.
The proceeds from the early exercise of the outstanding Warrants will be used for general working
capital.
The Incentive Warrants issued pursuant to the Incentive Program, and the Common Shares issuable
on exercise thereof, are subject to a hold period ending
March 9, 2025
. The Incentive Program is
subject to the final acceptance of the TSX Venture Exchange.
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
/s/
John Eren
John Eren
CEO
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Cautionary Note Regarding Forward-Looking Statements:
This release contains "forward
looking information" or "forward-looking statements" within the
meaning of Canadian securities laws, which may include, but are not limited to statements relating
to receipt of TSXV acceptance of the proposed repricing of the Warrants, receipt of TSXV
acceptance of the proposed Incentive Program, participation by any holder of Warrants in the
Incentive Program and the use of proceeds received from exercise of the outstanding Warrants. All
statements in this release
,
other than statements of historical facts, that address events or
developments that the Company expects to occur, are forward-looking statements. Forward-looking
statements are statements that are not historical facts and are generally, but not always, identified
by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects",
"potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or
"should" occur. Although the Company believes the expectations expressed in such forward-
looking statements are based on reasonable assumptions, such statements are not guarantees of
future performance and actual results may differ from those in the forward-looking statements.
Such forward-looking information reflects the Company's views with respect to future events and is
subject to risks, uncertainties and assumptions. 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 gold and other commodities, operating hazards and risks inherent in
the resource industry, competition and other risks and uncertainties, including those described in
the Company's financial statements and/or management discussion and analysis available on
www.sedarplus.ca
. The Company does not undertake to update forward
looking statements or
forward-looking information, except as required by law
.
SOURCE
Orex Minerals Inc.
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For further information:
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 16:59e 12-NOV-24