OREX EXPLORATION INC.: ANNUAL MEETING OF SHAREHOLDERS HELD ON FEBRUARY 28, 2014 AND PROPOSED PRIVATE PLACEMENT
At Orex Exploration Inc.’s annual and general shareholder meeting held on Feb. 28, 2014, all of the nominees proposed by management were elected as directors of the corporation, being Mark Billings, Marcel Faucher, William Felderhof, Jacques Levesque, William McLucas and Claude Poulin. William McLucas, president and chief executive officer, wishes to thank the shareholders for their support at the meeting and advises that all resolutions were passed unanimously. Furthermore, Raymond Chabot Grant Thornton LP of Rouyn-Noranda was reappointed auditor of the corporation for the financial year ending June 30, 2014.
The board of directors has appointed the following people as officers of the corporation: William McLucas, president and chief executive officer, Mark Billings, chairman, Jacques Levesque, chief financial officer, and Julie Godard, corporate secretary.
The corporation also announces that it intends to proceed with a non-brokered private placement of units for a maximum amount of $500,000. Each unit will be composed of one common share of the corporation at a price of five cents and of one common share purchase warrant, at an exercise price of five cents per share, valid for a three-year period. Insiders of the corporation might subscribe for more than 25 per cent of the offered units. The subscribed securities will be subject to a hold period of four months from the closing date. This private placement is subject to the conditional approval of the TSX Venture Exchange.