MONTREAL, CANADA--(Marketwired - Aug. 29, 2014) - OREX EXPLORATION INC. (TSX VENTURE:OX) (the "Company" or "Orex") - Orex announces the closing of a non-brokered private placement of $185,000 (the "Placement"). The Placement consists of 185 Units at a price of $1,000 per Unit, each Unit being comprised of a 10% non-convertible debenture of a principal amount of $1,000 and of 8,000 Common Share Purchase Warrants. Each Warrant entitles its holder to subscribe for one Common Share of the Company at an exercise price of $0.05 per share. The Warrants, for a total number of 1,480,000, are valid for 60 months. Subject to the prior approval of the TSX Venture Exchange, the Company may pay the interests in Common Shares of the Company at the market price at the date of payment. Subject to the prior approval of the TSX Venture Exchange, the Company may also redeem the debentures in exchange for Common Shares of the Company, at the market price at the date of redemption. Insiders have contributed for 24% of the Placement.
The securities issued under the Placement are subject to a four-month hold period, which will end December 29, 2014.
The Placement replaces the proposed private placement announced by the Company on July 10, 2014 that consisted of units comprising of Common Shares and Warrants for a maximum amount of $500,000.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.