Oremex Silver Inc. Provides Corporate Updates

About this update from Monarca Minerals Inc.

[{"type":"text","content":"Oremex Silver Inc. Provides Corporate Updates(via Thenewswire.ca)\n \n \nToronto, April 22, 2016 / TheNewswire / Oremex Silver Inc. (TSXV:OAG) (\"Oremex\" or the \"Company\") is pleased to provide the following updates.\n\n\n \nCorporate Update\n\n\n \nThe Company is continuing to take steps to bring the Company into good standing, evaluate its existing project portfolio and assess opportunities for moving forward. As previously disclosed, in connection with the revocation of cease trade orders in early February, the Company filed an updated resource report on its flagship Tejamen silver project in Durango, Mexico. The Company is currently evaluating viable options to progress the Tejamen silver project including having discussions with potential joint venture partners. The Company plans to continue its efforts to create value from its portfolio of properties for shareholders.\n\n\n \nThe last couple of years have been a difficult period for the Company and the markets generally. The financial backing of certain key shareholders has been essential in supporting the efforts of management to bring the Company into good standing while preserving its portfolio of projects. The Company applied for a reinstatement to trading with the TSX Venture Exchange and management has been advised that soon after the dissemination of this news release the Exchange will issue a bulletin reinstating the trading of the Company.\n\n\n \nAnnual General Meeting\n\n\n \nThe directors of the Company have called an annual general and special meeting of shareholders for June 23, 2016. \n\n\n \nFinancial Statement Clarification\n\n\n \nThe Company wishes to clarify one matter in its financial statements relating to certain accounts receivable. In the Company's audited annual financial statements for the year ended November 30, 2012, the Company disclosed in note 11(b) that it was owed $40,000 from a corporation that formerly had a common officer and director with the Company. In the Company's audited annual financial statements for subsequent financial years, the amount owning by that corporation was disclosed as nil. The Company wishes to clarify that amount owing was not paid and received by the Company. The board of directors of the Company reviewed the receivable and determined that it was unrealizable and therefore the amount was written off. Although ...

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