TSX Venture Exchange
Trading Symbol: REX
VANCOUVER, Sept. 23, 2015 /CNW/ - Orex Minerals Inc. – (REX: TSX-V) ("Orex") is pleased to announce that Orex's shareholders (the "Shareholders"), optionholders (the "Optionholders") and warrantholders (the "Warrantholders" and together with the Shareholders and Optionholders, the "Orex Securityholders") have voted today at the annual and special meeting of Orex Securityholders (the "Meeting") to approve the previously announced plan of arrangement (the "Arrangement") between Orex and Barsele Minerals Corp. ("Barsele"), Orex's wholly-owned subsidiary. The Arrangement was approved by 99.87% of the votes cast by Shareholders and Optionholders, voting together as a single class, and 100% of the votes cast by Warrantholders, voting as a single class, at the Meeting. Additionally, all annual matters that were put before Shareholders at the Meeting were approved. In particular, Orex is pleased to announce the re-election of Gary Cope, Ross Wilmot, William Henry White, Arthur Freeze and Rick Sayers to its board of directors and the reappointment of Davidson & Company LLP as Orex's auditor for the ensuing year. Orex also received Shareholder approval for the adoption of rolling stock option plans for each of Orex and Barsele for use immediately upon completion of the Arrangement.
Gary Cope, President of Orex, said "We are pleased that Orex's Securityholders have overwhelmingly approved the Arrangement. In a difficult market for resource issuers, Orex has pursued the spinout of the Barsele Project and the separation of Orex's mineral assets as a means of increasing Shareholder value".
For more information on the matters voted on at the Meeting and for details of the Arrangement, please see Orex's management information circular dated August 21, 2015, which has been filed on Orex's profile on SEDAR at www.sedar.com.
Orex's application to the Supreme Court of British Columbia (the "Court") to obtain the final order approving the Arrangement is scheduled for Thursday, September 24, 2015. Assuming Court approval is obtained and that the other conditions of the Arrangement are satisfied or waived, the Arrangement is expected to become effective on or about September 25, 2015.
ABOUT OREX MINERALS INC.
Orex is a Canadian-based junior exploration company comprised of highly qualified mining professionals. Orex has several current projects: the Barsele Project in Västerbottens Län, Sweden, a joint venture with Agnico Eagle Mines Ltd., the Coneto Gold-Silver Project in Durango, Mexico, a joint venture with Fresnillo PLC, the Sandra Escobar Silver-Gold Project in Durango, Mexico, a joint venture with Canasil Resources Inc., plus the Los Crestones Gold-Silver-Copper Project in Sinaloa, Mexico and the Jumping Josephine Gold-Silver Project in British Columbia, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
This news release may contain forward-looking statements, including but not limited to comments regarding the Arrangement, receipt of the final order from the Court, timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements and Orex undertakes no obligation to update such statements, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Orex Minerals Inc.
For further information: Orex Minerals Inc. at (604) 687-8566 X227, email [email protected] or visit our website at www.orexminerals.com