/NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, July 20, 2012 /CNW/ - 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
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.
Neither the TSX Venture nor its Regulation Service Provider (as that
term is defined in the policies of the TSX Venture) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Oremex Silver Inc.
For further information:
Oremex Silver Inc.
P: +1 416.309.4321