/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Nov. 28,
2023 /CNW/ - Orex Minerals Inc. (TSXV: REX)
(OTCQB: ORMNF) ("Orex" or the "Company") is pleased
to announce that the Company intends to undertake a non-brokered
private placement financing (the "Offering") to raise gross
proceeds of up to $1,000,000 from the
sale of up to 6,666,667 units ("Units") at a price of
$0.15 per Unit, each Unit consisting
of one common share of the Company (each, a "Share") and one
warrant (each, a "Warrant"). Each Warrant will entitle the
holder thereof to acquire one Share from the Company at a price of
$0.25 per Share for a period of 24
months from their date of issue.
The Company intends to use the net proceeds from the Offering
for exploring its new Valenciana Project in Zacatecas State and for
general working capital purposes. Drill targets have been
identified on the main Valenciana structure, and a Phase-I diamond
drilling program of 2000 to 3000 metres is proposed to test the
down plunge projection of the mineralized shoots. In addition, some
geophysics to aid in delineating the higher temperature flow zones
for this epithermal style of silver and gold mineralization are
planned.
The Offering is anticipated to close on or about December 7, 2023. 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
private placement of this nature. All securities issued pursuant to
the Offering will be subject to a statutory four month and one day
hold period from their respective date of issue.
The Company may pay a finder's fee in respect of those
purchasers under the Offering introduced to the Company by certain
persons (each a "Finder"). Each Finder will receive a cash
payment equal to 6% of the gross proceeds received by the Company
from purchasers under the Offering who were introduced to the
Company by such Finder.
The securities described herein 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 accordingly, may not be offered or sold within
the United States except in
compliance with the registration requirements of the U.S.
Securities Act and applicable state securities requirements or
pursuant to exemptions therefrom. This press release is not an
offer or a solicitation of an offer of securities for sale in
the United States, nor will there
be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful.
ABOUT OREX MINERALS INC.
Orex Minerals Inc. is a mineral exploration company focused on
precious and base metals exploration in Mexico and Canada. Orex has several current projects: Two
projects are located in Durango State, Mexico, the Sandra Silver-Gold Project with
Pan American Silver Corp. and the Coneto Gold-Silver Project with
Fresnillo PLC. The third project is the Valenciana Gold-Silver-Base
Metals Project in Zacatecas State, Mexico. The fourth project is the Jumping
Josephine Gold Project in British
Columbia, Canada. Orex is managed by the experienced
Belcarra Group Management Ltd. (the "Belcarra Group"),
comprised of highly qualified mining professionals.
ON BEHALF OF THE BOARD OF DIRECTORS
B. H. Whiting. P.Geo.
President and CEO
FORWARD LOOKING
STATEMENTS
This news release may contain forward-looking statements,
including statements with respect to the terms of the Offering, the
receipt of regulatory approvals for the Offering, closing of the
Offering and use of proceeds of the Offering. These statements
reflect management's current estimates, beliefs, intentions and
expectations; they are not guarantees of future performance.
Forward-looking statements address future events and conditions and
therefore involve inherent risks and uncertainties. Such factors
include, among other things: risks and uncertainties relating to
exploration and development, the ability of the Company to obtain
additional financing, the need to comply with environmental and
governmental regulations, fluctuations in the prices of
commodities, operating hazards and risks, competition and other
risks and uncertainties, including those described in the Company's
financial statements, management discussion and analysis and/or
annual information form available on www.sedarplus.ca. The risk
factors identified in such documents are not intended to represent
a complete list of factors that could affect the Company. Actual
results may differ materially from those currently anticipated in
such statements and the Company undertakes no obligation to update
such statements, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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SOURCE Orex Minerals Inc.