�Oremex Silver Inc. Closes Equity
Portion of Private Placement and Announces Additional Equity Private Placement
Oremex Silver Inc. (TSXV: OAG)
(OTCQX: ORAGF) (FRANKFURT: OSI) (the "Company") today
announced that it has closed the equity portion of the non-brokered private
placement (the "Equity Private Placement") previously
disclosed by the Company on September 7, 2012. The Equity
Private Placement raised gross proceeds of $750,000 through the
issue of 13,636,364 units of the Company (the "Share Units"),
each Share Unit consisting of one common share (a "Share") and
one common share purchase warrant (a "Warrant"), at a purchase
price of $0.055 per Share Unit. Each Warrant is exercisable into
Shares at a price of $0.10 per Share, expiring in five (5) years
from the date of issue.
In connection with the
Equity Private Placement, the Company will pay a finder's fee consisting of
250,000 Shares.
All securities issued under
the Equity Private Placement will be subject to a four-month hold period, in
addition to such other restrictions as may apply under applicable securities
laws in jurisdictions outside of Canada.
The closing of the Equity Private Placement remains subject to the final
approval of the TSX Venture Exchange.
Additional Equity
Private Placement
The Company also announced
that it intends to complete an additional non-brokered private placement (the
"Additional Private Placement") of up to 12,500,000 units of
the Company (the "Additional Units"), each Additional
Unit consisting of one Share and Warrant, at a purchase price of $0.06
per Additional Unit for aggregate gross proceeds of up to $750,000.
Each Warrant is exercisable into Shares at a price of $0.10 per
Share, expiring in five (5) years from the date of issue.
In connection with the
Additional Private Placement, the Company may pay finder's fees of up to 7% of
the gross proceeds of the Additional Private Placement and broker warrants of
up to 7% of the number of Additional Units sold pursuant to the Additional
Private Placement, subject to the policies of the TSX Venture Exchange.
All securities issued under
the Additional Private Placement will be subject to a four-month hold period,
in addition to such other restrictions as may apply under applicable securities
laws in jurisdictions outside of Canada.
The Additional Private Placement is subject to the receipt of necessary approvals,
including the approval of the TSX Venture Exchange.
This news release does
not constitute an offer to sell or a solicitation of an offer to buy any of the
company's securities in the
United States. The securities have not been and will not be registered
under the United States Securities Act of 1933, as amended (the 1933 Act), or
any state securities laws and may not be offered or sold within the
United States or to U.S. persons unless registered under the 1933
Act and applicable state securities laws, or an exemption from such
registration is available.
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.