Oremex Silver Announces Private Placement
Offering with Management and Insiders to Participate
Oremex Silver Inc. ("Oremex"
or the "Company") (TSX Venture: OAG) (OTCQX: ORAGF) (Frankfurt:
OSI) announces that it intends to complete a non-brokered private placement
of up to 15,000,000 units (the "Units") from treasury at a price of $0.05
per Unit for aggregate proceeds of up to $750,000 (the
"Offering").
Each Unit shall be
comprised of one common share of the Corporation (a "Common Share")
and one common share purchase warrant (a "Warrant"). Each Warrant
shall be exercisable for one Common Share at a price of $0.10
per Common Share until the date that is 36 months from the closing of the Offering.� It is expected
that management and/or insiders will collectively subscribe for up to $200,000
under the Offering, subject to the policies of the TSX Venture Exchange.
The proceeds of the
Offering will be used to fund exploration activities in Mexico
and for general working capital purposes.
The Company may pay a cash
commission or finder's fee of up to 7% of the gross proceeds of the Offering
and broker warrants of up to 7% of the number of Units sold pursuant to the
Offering, subject to the policies of the TSX Venture Exchange. All securities
issued in connection with the Offering will be subject to a four-month hold
period in Canada.
The Offering, or a part thereof, is expected to close on or about July
31, 2012 (or such other date(s) as the Company may determine), and is
subject to the receipt of all necessary approvals, including the approval of
the TSX Venture Exchange.
The Company confirms the
expiry of the private placement it initially announced by press release on April
16, 2012.
This news release does not
constitute an offer to sell Oremex securities or the
solicitation of an offer to buy Oremex securities,
nor is there to be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such jurisdiction.
This news release is not for dissemination in the� United
States� or to any� United
States� news services.� The shares of Oremex have
not and will not be registered under the� United
States� Securities Act of 1933, as amended (the
"U.S. Securities Act") or any state securities laws and may not be
offered or sold in the� United States� or to any U.S. person except in certain
transactions exempt from the registration requirements of the U.S. Securities
Act and applicable state securities laws.
About Oremex Silver
Inc.
Oremex Silver Inc. is a Canadian
company focusing on the exploration and development of silver projects along
the highly productive mineralized belt in Mexico.
The Company has a portfolio of silver projects including a mineral resource of
50.8 million ounces of silver at its Tejamen
deposit. The Company's projects are located in mining-friendly jurisdictions
and the management team has successful track record of mine-building in Mexico.
Cautionary Note
Regarding Forward-Looking Statements
Certain statements
contained in this news release may constitute forward-looking information,
(collectively "forward-looking information") within the meaning of
Canadian securities laws. Forward-looking information may relate to this news
release and other matters identified in Oremex
Silvers' public filings, anticipated events or results and can be identified by
terminology such as "may", "will", "could",
"should", "expect", "plan",
"anticipate", "believe", "intend", "estimate",
"projects", "predict", "potential",
"continue" or other similar expressions concerning matters that are
not historical facts and include, but are not limited in any manner to, those
with respect to capital and operating expenditures, economic conditions,
availability of sufficient financing, receipt of approvals, satisfaction of
closing conditions and any and all other timing, development, operational,
financial, economic, legal, regulatory and/or political factors that may
influence future events or conditions. Such forward-looking statements are
based on a number of material factors and assumptions, including, but not
limited in any manner, those disclosed in any other public filings of Oremex Silver,
and include the ultimate availability and final receipt of required approvals,
sufficient working capital for development and operations, access to adequate
services and supplies, availability of markets for products, commodity prices,
foreign currency exchange rates, interest rates, access to capital markets and
other sources of financing and associated cost of funds, availability of a qualified
work force, availability of manufacturing equipment, no material changes to the
tax and regulatory regime and the ultimate ability to execute its business plan
on economically favourable terms. While we consider
these assumptions to be reasonable based on information currently available to
us, they may prove to be incorrect. Actual results may vary from such
forward-looking information for a variety of reasons, including but not limited
to risks and uncertainties disclosed in other Oremex
Silver filings at www.sedar.com and other unforeseen events or circumstances.
Other than as required by law, Oremex
Silver does not intend, and undertakes no obligation, to update any
forward looking information to reflect, among other things, new information or
future events.