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Orex Minerals Closes $5.5 Million Investment By Eric Sprott
Orex Minerals Closes $5.5 Million Investment By Eric Sprott Canada NewsWire VANC...
About this update from Orex Minerals Inc.
[{"type":"text","content":"\n\n\n\nOrex Minerals Closes $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. 19, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n VANCOUVER, BC, Aug. 19, 2020 /CNW/ - Orex Minerals Inc. (\"Orex\" or the \"Company\") (TSXV: REX) (OTCQB: ORMNF) is pleased to announce the closing of its non-brokered private placement (the \"Offering\") previously announced on August 7, 2020. The Offering consisted of 36,666,666 units of the Company (the \"Units\") issued to Eric Sprott at a price of $0.15 per Unit for aggregate gross proceeds of $5,499,999.90.\nEach Unit consists of one common share (each a \"Common Share\") and one-half of one 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 the closing of the Offering. The Common Shares and Warrants, and any Common Shares issuable upon the exercise of the Warrants, issued pursuant to the Offering are subject to a statutory hold period expiring on December 20, 2020.\nThe Company intends to use the net proceeds from the Offering for working capital requirements and other general corporate purposes.\nEric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired 36,666,666 Units pursuant to the Offering. After closing of the Offering, Mr. Sprott beneficially owns or controls 36,666,666 Common Shares and 18,333,333 Warrants (the \"Sprott Warrants\") representing approximately 19.6% ownership, on a non-diluted basis, and 26.8% ownership, on a partially diluted basis assuming exercise of all the Sprott Warrants, of the issued and outstanding Common Shares. Mr. Sprott has provided an undertaking not to exercise the Sprott Warrants until such time as the Company can obtain disinterested shareholder approval and TSX Venture Exchange (\"TSXV\") approval of Mr. Sprott becoming a new control ...