Orex Closes $1 Million First Tranche of Private Placement

VANCOUVER, BC, June 23, 2020 /CNW/ – Orex Minerals Inc. – (TSX.V: REX) (OTCQB: ORMNF) (“Orex” or the “Company“) is pleased to announce that it has closed the first tranche (the “First Tranche“) of its non-brokered private placement (the “Offering“) announced on May 26, 2020. The First Tranche was comprised of 12,362,500 units of the Company (the “Units“) issued at a price of $0.08 per Unit for aggregate gross proceeds of $989,000. Each Unit consists of one common share (each a “Common Share“) and one-half of a common share purchase warrant (each whole warrant, a “Warrant“). Each Warrant entitles the holder thereof to acquire one Common Share at the price of $0.20 per share for a period of 24 months from closing. The Common Shares and Warrants, and any Common Shares issuable upon the exercise of the Warrants, issued pursuant to the First Tranche are subject to a statutory hold period expiring on October 24, 2020.