In This Article:
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.