Business
Orex Closes Final Tranche of Private Placement
Orex Closes Final Tranche of Private Placement Canada NewsWire VANCOUVER, BC, Ju...
About this update from Orex Minerals Inc.
[{"type":"text","content":"\n\n\n\nOrex Closes Final Tranche of Private Placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, BC, July 17, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n VANCOUVER, BC, July 17, 2020 /CNW/ - Orex Minerals Inc. – (TSX.V: REX) (OTCQB: ORMNF) (\"Orex\" or the \"Company\") is pleased to announce that it has closed the final tranche (the \"Final Tranche\") of its non-brokered private placement (the \"Offering\") announced on May 26, 2020. The Final Tranche was comprised of 13,887,500 units of the Company (the \"Units\") issued at a price of $0.08 per Unit for aggregate gross proceeds of $1,111,000.\nEach Unit consists of one common share (each a \"Common Share\") and one-half of a common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant entitles the holder thereof to acquire one Common Share at the price of $0.20 per share for a period of 24 months from closing of the Final Tranche. The Common Shares and Warrants, and any Common Shares issuable upon the exercise of the Warrants, issued pursuant to the Final Tranche are subject to a statutory hold period expiring on November 18, 2020.\nAggregate gross proceeds under the Offering were $2,100,000. Orex intends to use the net proceeds of the Offering to maintain its 40% share of the Sandra Project in good standing and fund its 40% share of the upcoming work program, and for general corporate and working capital purposes.\nThe Company has agreed to pay a finder's fee to certain finders in respect of those purchasers under the Offering introduced to the Company by such finder. In connection with the Final Tranche, Orex will pay finder's fees of: (i) $8,460 to Haywood Securities Inc; (ii) $5,280 to PI Financial; and (iii) $3,600 to Echelon Wealth Partners.\nThe issuance of 2,181,250 Units to insiders of the Company under the Final Tranche is considered a related party transaction pursuant to Multilateral Instrument 61-101. The Company is relying on exemptions from the forma...