VANCOUVER, May 26, 2020 /CNW/ - Orex Minerals Inc. – (TSX-V: REX – OTCQB: ORMNF) ("Orex" or the "Company") is pleased to announce that it has engaged Red Cloud Financial Services Inc. ("Red Cloud") to provide various investor relations services to the Company.
Red Cloud is a Toronto-based financial services company that provides assistance in accessing capital markets. Red Cloud has been granted stock options of the Company to purchase 250,000 Common Shares at a price of $0.10 per share as partial consideration for its provision of services to the Company, which will mainly consist of organizing and administering "roadshows", drafting traditional marketing materials, managing Orex's social media and providing traditional media support and assistance in the creation of video content for exclusive use on "Red Cloud TV". Under the engagement, Red Cloud will also be paid a fee of $10,000 per month for the services it will render to the Company. Neither Red Cloud nor its principal currently own any common shares of the Company. Red Cloud has no direct relationship with the Company, other than as contemplated in the current agreement. The stock options granted to Red Cloud are exercisable for a period of three years and vest over a period of 12 months from the date of grant in equal quarterly installments.
The Agreement with Red Cloud is for an initial period of six months and automatically renews month-to-month thereafter. The engagement of Red Cloud and grant of stock options are subject to TSX Venture Exchange approval. The stock options granted to Red Cloud and any shares issued on the exercise of these stock options will be subject to a four-month and one day hold period from the date of grant.
ABOUT OREX MINERALS INC.
Orex is a Canadian-based junior exploration company comprised of highly qualified mining professionals. Orex has several current projects: the Coneto Gold-Silver Project in Durango, Mexico, a joint venture with Fresnillo PLC, the Jumping Josephine Gold-Silver Project in British Columbia, Canada, and the joint venture with Pan American with respect to the Project.
ON BEHALF OF THE BOARD OF DIRECTORS
This release may contain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Orex to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward-looking statements relate to, among other things, the appointment Red Cloud and TSXV approval of the options granted. These forward-looking statements are based on management's current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. Orex disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.
Neither 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.