VANCOUVER, BC, Nov. 12,
2024 /CNW/ - Orex Minerals Inc. (TSXV: REX)
(OTCQB: ORMNF) ("Orex" or the "Company") is pleased to
announce the completion of the Company's warrant exercise incentive
program previously announced on October
7 and extended on November 1,
2024 (the "Incentive Program") raising approximately
$1.2 million.
A total of 6,366,282 common shares in the capital of the Company
(each a "Common Share") were issued upon the exercise of
6,366,282 outstanding share purchase warrants (the "Outstanding
Warrants") permitted to participate under the Incentive
Program, providing gross proceeds of $1,209,594 to REX from the Incentive Program (at
$0.19 per Outstanding Warrant).
For every Outstanding Warrant exercised, the holders of such
Outstanding Warrant received the one Common Share to which they
were otherwise entitled under the terms of the Outstanding Warrants
and one common share purchase warrant (each whole warrant, an
"Incentive Warrant"). Each Incentive Warrant allows the
holder to acquire one Common Share at an exercise price of
$0.25 for a period of two years
following the date of the issuance of the Incentive Warrant. A
total of 6,366,282 Incentive Warrants were issued pursuant to the
Incentive Program.
Holders of 7,891,617 Outstanding Warrants were eligible to
participate in the Incentive Program. For those holders of
Outstanding Warrants who chose not to participate in the Incentive
Program, such Outstanding Warrants will remain outstanding and
continue to be exercisable for Common Shares on their current terms
(including the amended exercise price of $0.19 per Outstanding Warrant) until their
applicable expiry date, at which time any Outstanding Warrants that
remain unexercised will expire and be cancelled pursuant to their
terms.
The proceeds from the early exercise of the outstanding Warrants
will be used for general working capital.
The Incentive Warrants issued pursuant to the Incentive Program,
and the Common Shares issuable on exercise thereof, are subject to
a hold period ending March 9, 2025.
The Incentive Program is subject to the final acceptance of the TSX
Venture Exchange.
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
/s/ John
Eren
John Eren
CEO
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Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Note Regarding Forward-Looking
Statements:
This release contains "forward‐looking
information" or "forward-looking statements" within the meaning of
Canadian securities laws, which may include, but are not limited to
statements relating to receipt of TSXV acceptance of the proposed
repricing of the Warrants, receipt of TSXV acceptance of the
proposed Incentive Program, participation by any holder of Warrants
in the Incentive Program and the use of proceeds received from
exercise of the outstanding Warrants. All statements in
this release, other than statements of historical
facts, that address events or developments that the Company expects
to occur, are forward-looking statements. Forward-looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words "expects",
"plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or
conditions "will", "would", "may", "could" or "should" occur.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results may differ from those in the forward-looking statements.
Such forward-looking information reflects the Company's views with
respect to future events and is subject to risks, uncertainties and
assumptions. 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 gold and other commodities, operating hazards and
risks inherent in the resource industry, competition and other
risks and uncertainties, including those described in the Company's
financial statements and/or management discussion and analysis
available on www.sedarplus.ca. The Company does not undertake to
update forward‐looking statements or forward-looking
information, except as required by law.
SOURCE Orex Minerals Inc.