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Orex Minerals Announces Non-Brokered Private Placement of up to $2 Million
Orex Minerals Announces Non-Brokered Private Placement of up to $2 Million Canada ...
About this update from Orex Minerals Inc.
[{"type":"text","content":"\n\n\n\nOrex Minerals Announces Non-Brokered Private Placement of up to $2 Million\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, May 26, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n VANCOUVER, May 26, 2020 /CNW/ - Orex Minerals Inc. -- (TSX.V: REX -- OTCQB: ORMNF) (\"Orex\" or the \"Company\") is pleased to announce that the Company intends to undertake a private placement financing (the \"Offering\") to raise gross proceeds of up to $2,000,000 from the sale of up to 25,000,000 units (\"Units\") at a price of $0.08 per Unit, with each Unit consisting of one common share of the Company and one-half of one warrant. Each whole warrant is exercisable for one common share for a period of two years at a price of $0.20 per share. The Company expects that certain insiders of the Company will participate in the Offering.\nOrex intends to use the net proceeds of the Offering to maintain its 40% share of the Sandra-Escobar Project in good standing and fund its 40% share of the upcoming work program, and for general corporate and working capital purposes.\nThe Offering is scheduled to close on or about June 18, 2020. The closing of the Offering is subject to certain conditions, including the approval of the TSX Venture Exchange and certain other conditions customary for a financing of this nature. All securities issued pursuant to the Offering will be subject to a four-month and one day hold period from the closing of the Offering. If the Offering is fully subscribed, the Company expects to have 143,731,379 common shares issued and outstanding after close of the Offering.\nThe issuance of Units to insiders pursuant to the Offering will be considered a related party transaction under Multilateral Instrument 61-101. The Company will be relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that participation in the Offer...