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Oremex Resources Inc. - CDN $1,000,000 private placement financing
Oremex Resources Inc. - CDN $1,000,000 private placement financing.
About this update from Monarca Minerals Inc.
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, April 17 /CNW/ - Oremex Resources Inc. (TSXV symbol - ORM)\n(the \"Company\") announced that it will proceed with an additional private\nplacement consisting of up to 1,250,000 units (\"Units\") at CDN$0.80 per Unit\nfor gross proceeds of up to CDN$1,000,000.\nEach unit consists of one common share and one-half of one share purchase\nwarrant (a \"Unit\"). One whole warrant will entitle the holder to purchase one\nadditional common share for a period of 18 months at a price of CDN$1.00 per\nwarrant share, subject to an acceleration provision such that if, at any time\nfollowing four months after the closing of the financing, the closing price\nper share on the TSX Venture Exchange is CDN$2.00 or higher for fifteen (15)\nconsecutive business days, then the Company may give the investors notice that\nthe warrants must be exercised or they will expire within 30 days of such\nnotice.\nThe Company has agreed to pay an 8% finders fee in connection with the\nprivate placement. If all of the Units are sold the net proceeds to be\nrealized by the Company from the private placement will be approximately\nCDN$920,000. The private placement proceeds will be used to fund drilling and\nrelated exploration work on the San Lucas property, exploration programs on\nthe Company's other mineral properties and for property acquisitions in\nMexico.\nThis private placement is in addition to the CDN $4,000,000 private\nplacement financing that the Company announced on April 11, 2006.\nThe securities to be issued under the Offering shall be subject to a four\nmonth hold period, and the Offering is subject to the acceptance of the TSX\nVenture Exchange.\n\nThe TSX Venture Exchange has not reviewed or does not accept\nresponsibility for the adequacy or accuracy of this release. This news release\nmay contain forward-looking statements including but not limited to comments\nregarding the timing and content of upcoming work programs, geological\ninterpretations, receipt of property titles, potential mineral recovery\nprocesses, etc. Forward-looking statements address future events and\nconditions and, therefore, involve inherent risks and uncertainties. Actual\nresults may differ materially from those currently anticipated in such\nstatements.\n\nThis news release does not constitute an offer to sell or a solicitation\nof an offer to sel...