Orex Amends Barsele Acquisition Agreement to Defer Cash Payment and Accelerate Share Payments
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/03/13 -- Orex Minerals Inc. ("Orex" or the "Company") (TSX VENTURE: REX) -
Orex is pleased to announce that it has agreed with Northland Resources S.A. ("Northland") to defer payment of US$1.75 million of the US$2 million payment due to Northland on April 29, 2013 under the Barsele property acquisition agreement dated March 22, 2011 (the "Barsele Agreement").
Under its amended agreement with Northland, Orex will pay Northland US$250,000 upon receipt of TSX Venture Exchange approval for the amendment, and has until December 31, 2013 to finance the remaining US$1.75 million of the US$2 million cash payment owed to Northland.
The Barsele Agreement provided that Orex is to pay Northland two further payments of US$1 million each in 2014 and 2015, each payable in Orex common shares. In exchange for Northland's agreement to defer the majority of the cash payment due to it, Orex has agreed to accelerate these two share payments and issue 4 million common shares of Orex to Northland at a deemed price of US$0.50 per common share, satisfying these obligations which total US$2 million.
Orex's CEO Gary Cope said "We appreciate Northland accommodating our request for an amendment to the Barsele agreement. Deferring the majority of the cash payment due to Northland gives the Company an opportunity to seek financing to complete its obligations under the Barsele Agreement on better terms than are currently available in the depressed world market conditions for financing we are experiencing."
The amendment to the Barsele Agreement is subject to the approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Cope, President
About Orex Minerals Inc.
Orex Minerals Inc. is a junior mineral exploration company comprised of highly qualified mining professionals with a focus on the exploration of prospective gold and gold-silver properties in Mexico and Sweden.
This News Release may contain forward-looking statements including but not limited to comments regarding the 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. Orex relies upon litigation protection for forward-looking statements.
For further information visit our website at www.orexminerals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Orex Minerals Inc.
Patrice Nazareno
604.687.8566
604.687.6365 (FAX)
info@orexminerals.com
www.orexminerals.com
