upandaway

Dorex Minerals arranges $500,000 private placement


2007-07-11 16:36 ET - News Release

Mr. Peter Walton reports

Dorex Minerals Inc. has arranged a non-brokered private placement financing of up to two million units at a price of 25 cents per unit for $500,000. Each unit will consist of one share and one-half of a non-transferable share purchase warrant. Each full warrant will be exercisable within a two-year period at a price of 30 cents for the first year and 32 cents for the second year. A finder's fee of 10 per cent of the subscribed amount will be paid and 8 per cent of the subscribed amount will be issued as broker's warrants. The private placement is subject to the approval of the TSX Venture Exchange.

The shares issued under the private placement will be subject to a four-month hold period from the date of TSX Venture Exchange approval.

The proceeds from this financing will be allocated toward further exploration and development of the company's properties, and general working capital.