Portfolio of Gold Projects in Mexico`s Prolific Mining Belt
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Message: Announces Proposed Private Placement
| June 2, 2009 |
| Oremex Announces Proposed Private Placement |
| TORONTO, ONTARIO--(Marketwire - June 2, 2009) - NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES Oremex Resources Inc. (TSX VENTURE:ORM) ("Oremex" or the "Company") announced today that it intends to complete a non-brokered private placement of approximately 13,636,364 units, at a price of $0.11 per unit, for aggregate gross proceeds of approximately $1,500,000 (the "Offering"). Each unit will be comprised of one common share of the Company and one-half of one common share purchase warrant. Each whole warrant will be exercisable to purchase one common share of the Company, at a price of $0.15 per share, for a period of two years from the date of issuance thereof. The proceeds of the Offering will be used to fund Mexican operations and for working capital and general corporate purposes. Completion of the Offering is subject to receipt of all regulatory approvals, including the approval of the TSX Venture Exchange. All of the securities issuable in connection with the Offering will be subject to a hold period expiring four months and one day after the date of issuance. It is anticipated that the closing of the Offering will occur on or about June 30, 2009. The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements. This release does not constitute an offer for sale of securities in the United States. Oremex is a Canadian-based exploration company with a focus on the acquisition and development of mineral properties in Mexico. The Company's principal properties are the Tejamen and San Lucas properties located in the State of Durango and the Cuyoaco Property in the State of Puebla. The Company's most advanced project Tejamen has an inferred mineral resource of 50.8 million ounces of silver in a total of 22.6 million tonnes grading a silver-equivalent of 69.8 grams per tonne (Wardrop Engineering Report NI 43-101 compliant April 2006). Snowden Mining Industry Consultants completed a Preliminary Assessment Study (NI 43-101 compliant October 2006) demonstrating that the project can support a 10,000 tonne per day open pit, heap leach mining operation. The Company continues with discussions with various federal and state government officials and the Ejido of Tejamen (governing authority for the village and surrounding lands) for surface access rights at the Tejamen Property. National Instrument 43-101 requires the following statement: that the preliminary assessment is preliminary in nature, that it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary assessment will be realized. |
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