Kudu Partners L.P.

November 09, 2011 13:13 ET

Kudu Partners Subscribes for Securities of Orex Minerals Inc.

COEUR D'ALENE, IDAHO--(Marketwire - Nov. 9, 2011) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES

Kudu Partners L.P. ("Kudu Partners"), of 6510 E Dewey Dr., Coeur d'Alene, Idaho, announces that pursuant to a non-brokered private placement (the "Unit Offering") of Orex Minerals Inc. ("Orex Minerals") of units (the "Units") at $0.50 per unit completed on November 9, 2011, Kudu Partners subscribed for 2,000,000 Units of Orex Minerals for a total subscription price of CAD $1,000,000. Each Unit consists of one common share and one half of a common share purchase warrant (each a "Warrant") exercisable at $0.75 for a period of 24 months from the date of issuance. Immediately following the closing of the Unit Offering, Kudu Partners had beneficial ownership of, and control and discretion over, directly or indirectly, 4,888,000 common shares, or approximately 13.42% of the issued and outstanding common shares of Orex Minerals. If Kudu Partners exercises all of the Warrants purchased under the Unit Offering, as well as 300,000 warrants previous owned, it will have beneficial ownership of, and control and discretion over, directly or indirectly, 6,188,000 common shares (or 15.31%) in the capital of Orex Minerals.

William Lupien, as general partner of Kudu Partners, has control and direction over the voting and disposition of the shares. Mr. Lupien also has control and direction over the voting and disposition of 200,000 shares of the Issuer owned by Lupien Investments, LLLP. If Kudu Partners were to exercise all of its warrants, Mr. Lupien would then exercise voting and dispositive control and direction over a total of 6,388,000 common shares of the Issuer representing approximately 16.92% of the issued and outstanding shares assuming that no other convertible securities of the Issuer are exercised and no further common shares of the Issuer have been issued.

Kudu Partners relied on the "Accredited Investor" exemption from prospectus and registration requirements in connection with the foregoing transaction, contained in Section 2.3 of National Instrument 45-106 – Prospectus and Registration Exemptions.

Kudu Partners acquired beneficial ownership of, and control or discretion over, the common shares and Warrants that are the subject of this report for investment purposes and intends to review its investment in Orex Minerals on a continuing basis.

For further information, or to obtain a copy of the subject early warning report filed by Kudu Partners in accordance with applicable Canadian securities laws, please contact Brian Lupien at (208) 667-1513.

Contact Information

  • Kudu Partners L.P.
    Brian Lupien
    (208) 667-1513