The Final Tranche was comprised of 13,887,500 units of the Company (the 'Units') issued at a price of
Each Unit consists of one common share (each a 'Common Share') and one-half of a common share purchase warrant (each whole warrant, a 'Warrant'). Each Warrant entitles the holder thereof to acquire one Common Share at the price of
Aggregate gross proceeds under the Offering were
The Company has agreed to pay a finder's fee to certain finders in respect of those purchasers under the Offering introduced to the Company by such finder. In connection with the Final Tranche, Orex will pay finder's fees of: (i)
The issuance of 2,181,250 Units to insiders of the Company under the Final Tranche is considered a related party transaction pursuant to Multilateral Instrument 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(1)(a) of Multilateral Instrument 61-101 on the basis that participation in the Offering by insiders does not exceed 25% of the fair market value of the Company's market capitalization.
The Units and underlying securities issued under the Offering have not been and will not be registered under the
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This News Release may contain forward-looking statements, including, but not limited to, statements with respect to the receipt of approvals for the Offering, closing of the Offering, use of proceeds of the Offering, timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. 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 and management discussion and analysis ('MD&A') available on www.sedar.com. The risk factors identified in the financial statements and MD&A 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 Orex undertakes no obligation to update such statements, except as required by law.
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Tel: (604) 687-8566
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