VANCOUVER, April 17 /CNW/ - Oremex Resources Inc. (TSXV symbol - ORM)
(the "Company") announced that it will proceed with an additional private
placement consisting of up to 1,250,000 units ("Units") at CDN$0.80 per Unit
for gross proceeds of up to CDN$1,000,000.
Each unit consists of one common share and one-half of one share purchase
warrant (a "Unit"). One whole warrant will entitle the holder to purchase one
additional common share for a period of 18 months at a price of CDN$1.00 per
warrant share, subject to an acceleration provision such that if, at any time
following four months after the closing of the financing, the closing price
per share on the TSX Venture Exchange is CDN$2.00 or higher for fifteen (15)
consecutive business days, then the Company may give the investors notice that
the warrants must be exercised or they will expire within 30 days of such
notice.
The Company has agreed to pay an 8% finders fee in connection with the
private placement. If all of the Units are sold the net proceeds to be
realized by the Company from the private placement will be approximately
CDN$920,000. The private placement proceeds will be used to fund drilling and
related exploration work on the San Lucas property, exploration programs on
the Company's other mineral properties and for property acquisitions in
Mexico.
This private placement is in addition to the CDN $4,000,000 private
placement financing that the Company announced on April 11, 2006.
The securities to be issued under the Offering shall be subject to a four
month hold period, and the Offering is subject to the acceptance of the TSX
Venture Exchange.
The TSX Venture Exchange has not reviewed or does not accept
responsibility for the adequacy or accuracy of this release. This news release
may contain forward-looking statements including but not limited to comments
regarding the timing and content of upcoming work programs, geological
interpretations, receipt of property titles, potential mineral recovery
processes, etc. Forward-looking statements address future events and
conditions and, therefore, involve inherent risks and uncertainties. Actual
results may differ materially from those currently anticipated in such
statements.
This news release does not constitute an offer to sell or a solicitation
of an offer to sell any of the securities in the United States. The securities
have not been and will not be registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from registration is available.
