/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN
THE UNITED STATES/
VANCOUVER, BC, Jan. 12,
2024 /CNW/ - Orex Minerals Inc.
– (TSXV: REX) (OTCQB: ORMNF) ("Orex" or the
"Company") announces that it has closed its non-brokered
private placement in only one tranche as previously announced on
November 28, 2023 (the "Offering"). As announced on
December 20, 2023, the Company previously issued 1,225,000
units (the "Units") at a price of $0.15 per Unit for aggregate gross proceeds of
$183,750 under the Offering (see
press release of the Company dated December 20, 2023 for
additional details).
The issuance of Units to Ben Whiting, President and CEO of the Company,
under the First Tranche is considered to be a related party
transaction under Multilateral Instrument
61-101 – Protection of Minority Security Holders in
Special Transactions ("MI 61-101").
The Company is relying on exemptions from the formal valuation and
minority shareholder approval requirements provided under sections
5.5(a) and 5.7(a) of MI 61-101 on the basis that participation
in the First Tranche by such related party does not exceed 25% of
the fair market value of the Company's market
capitalization.
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
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.
SOURCE Orex Minerals Inc.