Oremex Resources Inc. - CDN$1,000,000 Private Placement Financing
Vancouver, Canada (ots/PRNewswire) - 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 ecurities 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.
ots Originaltext: Oremex Resources Inc.
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