By Devika Patel
Knoxville, Tenn., May 20 - Oremex Resources Inc. said it will raise about C$1.03 million in a private placement of units.
The company plans to sell units of one common share and one half-share warrant at C$0.11 apiece. Each whole warrant is exercisable at C$0.16 for two years.
Proceeds will be used to fund Mexican operations, exploration and development on the company's project portfolio, to pursue corporate acquisitions and for working capital and general corporate purposes.
Based in Vancouver, B.C., Oremex is a mineral exploration company.
| Issuer: | Oremex Resources Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$1,032,000 (approximate)
|
| Price: | C$0.11
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.16
|
| Pricing date: | May 20
|
| Stock symbol: | TSX Venture: ORM
|
| Stock price: | C$0.10 at close on May 20
|
| Market capitalization: | C$7.29 million
|
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