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Orex Minerals Announces $5.5 Million Investment by Eric Sprott
Orex Minerals Announces $5.5 Million Investment by Eric Sprott Canada NewsWire V...
About this update from Orex Minerals Inc.
[{"type":"text","content":"\n\n\n\nOrex Minerals Announces $5.5 Million Investment by Eric Sprott\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, Aug. 7, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n VANCOUVER, BC, Aug. 7, 2020 /CNW/ - Orex Minerals Inc. (\"Orex\" or the \"Company\") (TSXV: REX) (OTCQB: ORMNF) is pleased to announce a non-brokered private placement offering of units of the Company (the \"Units\") at a price of $0.15 per Unit (the \"Offering Price\") for aggregate gross proceeds of up to $5,500,000 (the \"Offering\"). Eric Sprott intends to subscribe for the entirety of the Offering.\nEach Unit will consist of one common share of the Company (each, a \"Common Share\") and one-half of one common share purchase warrant of the Company (each whole warrant, a \"Warrant\"). Each Warrant will be exercisable to purchase a Common Share at an exercise price of $0.20 per share for a period of 24 months following the Closing (as defined herein).\n\"I am very pleased that Eric Sprott will become our largest shareholder in Orex Minerals. His investment will ensure that the Company has the necessary capital to properly advance our Mexican projects. We look forward to updating the plans going forward and the work programs expected to start soon\" remarked Gary Cope, President and Chief Executive Officer of the Company.\nThe Company intends to use the net proceeds from the Offering for working capital requirements and other general corporate purposes.\nThe Offering is anticipated to close on or about the week of August 14, 2020 (the \"Closing Date\" or \"Closing\"). The Units and the underlying securities to be issued under the Offering will have a hold period of four months and one day from Closing. \nIn connection with the Offering, the Company will pay finders' fees (the \"Finder's Fee\") to Mackie Research Capital Corporation by way of issuing Units equal to 6% of the gross proceeds of the Offering. Each Unit will have the same price and terms as those issued pu...