Oremex Silver Inc. Closes Second Tranche of Private Placement
/NOT FOR DISTRIBUTION TO UNITED
STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
TORONTO,
Oct. 26, 2012 /CNW/ - Oremex
Silver Inc. (TSXV: OAG) (OTCQX: ORAGF) (FRANKFURT: OSI) (the
"Company") announced that it has closed the second tranche
and final tranche of the non-brokered private placement (the
"Private Placement") previously disclosed by the Company on
October 1, 2012. The second tranche
of the Private Placement raised gross proceeds of $38,715 through the issue of 645,258 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 $0.06 per Share Unit. Each Warrant is exercisable
into Shares at a price of $0.10 per
Share, expiring five (5) years from the date of issue.
In connection with the Private Placement, the
Company paid finder's fees of $1,029
and issued 17,150 finder's warrants, each finder's warrant
exercisable into Shares at a price of $0.10 per Share, expiring five (5) years from the
date of issue.
All securities issued under the 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 Private Placement
remains subject to the final 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.
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.