VANCOUVER, Nov. 19, 2019 /CNW/ - This news release is issued by Mr. Gary Cope ("Mr. Cope") pursuant to the early warning requirements of Canada's National Instruments 62-104 and 62-103 with respect to common shares ("Common Shares") and warrants ("Warrants") of Orex Minerals Inc. ("Orex").
Mr. Cope announces that on November 19, 2019, he acquired (the "Unit Subscription"), indirectly through 683192 B.C. Ltd. ("683 Ltd."), 2,000,000 units (each a "Unit") of Orex, consisting of 2,000,000 Common Shares and 1,000,000 Warrants to acquire Common Shares at an exercise price of $0.15 per share for a period of two years. The Units were issued to 683 Ltd. pursuant to a private placement from treasury at a purchase price of $0.10 per Unit, for an aggregate subscription price of $200,000. Mr. Cope exercises control and direction over 683 Ltd.
Prior to the Unit Subscription, Mr. Cope, indirectly through 683 Ltd., beneficially owned and exercised control and direction over 13,980,700 Common Shares and directly held 316,500 Common Shares and options of Orex ("Options") to acquire up to 1,400,000 Common Shares. In the aggregate, Mr. Gary Cope exercised control and direction over 14,297,200 Common Shares, representing 11.74% of the issued and outstanding Common Shares on a non-diluted basis, and 12.89% of the issued and outstanding Common Shares on a partially-diluted basis, assuming the exercise of the Options and that no other convertible securities of the Issuer are converted.
Following the Unit Subscription, Mr. Cope, directly and indirectly, through 683 Ltd., exercised direction and control over 16,279,200 Common Shares, representing 13.37% of the issued and outstanding Common Shares on a non-diluted basis, and 15.34% of the issued and outstanding Common Shares on a partially-diluted basis, assuming exercise of the Options and Warrants and that no other convertible securities of the Issuer are converted.
The securities acquired by 683 Ltd. in the Unit Subscription will be held for investment purposes. Subject to the rules of the TSX Venture Exchange and applicable securities laws, Mr. Cope, directly or indirectly through 683 Ltd., may, depending on market and other conditions, increase or decrease his beneficial ownership of Orex's securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.
For further information and to obtain a copy of the early warning report filed under applicable Canadian provincial securities legislation in connection with the transactions hereunder, please go to Orex's profile on the SEDAR website (www.sedar.com), or contact Orex Minerals Inc. at (604) 687-8566 X223. Orex's head office is located at Suite 1130 – 1055 W. Hastings Street, Vancouver BC V6E 2E9. Mr. Cope's and 683 Ltd.'s head office is located at 242 Turtlehead Road, Belcarra, British Columbia V3H 4P2.
SOURCE Gary Cope
For further information: contact Orex Minerals Inc. at (604) 687-8566 X223.