News Archives 2004
Oremex to Raise $5.5 Million in Private Placement Financing
Vancouver, Canada; April 2, 2004; Oremex Resources Inc. announces that it plans to raise CAD$5.5 million in private placement financing in anticipation of expanding the current drill-hole program on the Tejamen Silver Property located in the State of Durango, Mexico.
The Company has engaged Canaccord Capital Corporation and First Associates Investments Inc., to act as Agents in a brokered private placement of up to five million units at CAD$ 1.10 per unit for a total of CAD$ 5.5 million. Each unit will consist of one common share and one half warrant, each full warrant giving the holder the right to purchase an additional common share at CAD$ 1.25 within a twelve month period. The shares and any shares issued upon exercise of the warrants will be subject to a 4 month hold period.
A 8.0% cash commission, of which the Agents may elect to be paid up to half in units (having the same terms as the Units offered) and Agent's warrants equal to 10% of the offering sold entitling the Agents to acquire one Unit at the Offering Price for a period of one year from closing. The private placement is subject to TSX Venture Exchange acceptance.
In addition, Oremex reports that additional drill-hole results have been delivered for assays and details will be released when all assays have been received. Oremex Resources Inc. is a Vancouver, Canada-based resource company which holds the right to acquire a 100% interest in six mineral properties in Mexico. Oremex combines an accomplished management team and is currently conducting a 117 hole drill program that commenced in December 2003 on the Tejamen Silver Property located in the municipality of Nuevo Ideal, in the state of Durango, Mexico. The property is comprised of 21 mineral exploration concessions totaling approximately 1,672.05 hectares.
Website: www.oremex.com
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For more information, please contact: James Yates, CFO or Sandra Buschau, Manager,
Corporate Communications, sandy@oremex.com, T. 604 683 5651 F. 604 684 9365
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release |