Norex Exploration Services Inc.

Norex Exploration Services Inc.

December 04, 2006 17:55 ET

Norex Extends Warrant Expiry Date

CALGARY, ALBERTA--(CCNMatthews - Dec. 4, 2006) - Norex Exploration Services Inc. (TSX VENTURE:NRX) ("Norex" or "the Company") today announced that it has received approval from the TSX Venture Exchange (the "Exchange") to extend the expiry date of certain warrants (the "Warrants") to acquire common shares of Norex which are currently held by ARC Energy Venture Fund 4 ("ARC"). This extension was initiated by Norex to reduce the administrative and corporate tax implications should these Warrants be exercised before the Company's fiscal year end of December 31, 2006.

The Warrants were issued on December 5, 2005 in connection with a private placement offering by Norex. Each Warrant entitles the holder thereof to acquire one common share of Norex for consideration of $0.84. The Warrants have a current expiry date of December 5, 2006 and the Exchange has approved an extension to the expiry date of the 2,814,855 Warrants held by ARC to December 31, 2006.

An additional 179,105 Warrants issued pursuant to the same private placement were held by certain directors and officers of Norex; however, no extension was requested with respect to the expiry date of those Warrants and the Company reports that these Warrants have been exercised. The Company is encouraged by the additional equity investment made by these directors and officers.

The Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Norex Exploration Services Inc.
    Mr. Paul Crilly
    President and CEO
    (403) 216-5929
    Norex Exploration Services Inc.
    Mr. Bharat Mahajan, CA
    Vice President of Finance and CFO
    (403) 216-5904