Montreal-listed Orex Exploration (ME) has completed a financing agreement which will garner it $400,000.
The company, based in Rouyn-Noranda, Que., will issue a million common shares and a million flow-through shares at 20 cents each. Two million warrants will be issued in conjunction with the shares. Each warrant will entitle the holder to buy one common share for 26 cents until Nov. 25, 1994. The proceeds will be used to pay off most of the company’s outstanding debt and to fund a 4-hole program on its Goldboro property in Nova Scotia.
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