Orex Minerals Inc. announced a non brokered private placement to issue units on May 10, 2024. Each unit consisting of one common share of the company and one warrant. Each warrant entitles the holder thereof to acquire one share from the company at a price of CAD 0.25 for a period of 24 months from their date of issue. The company may close additional tranches of the offering, issuing up to an additional 4,420,001 units, before June 7, 2024. The offering is subject to certain conditions, including the approval of the TSX Venture Exchange and certain other conditions customary for 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. There were no finders' fees paid in connection with the closing of this tranche of the offering.

On the same date, the company announced that it has issued 2,246,666 units at an issue price of CAD 0.15 per unit for the gross proceeds of CAD 336,999.9 in the first tranche.