|By Marketwired .||
|December 31, 2013 01:50 PM EST||
TORONTO, ONTARIO -- (Marketwired) -- 12/31/13 -- The shareholders of Oremex Silver Inc. elected a new board of directors at its annual meeting held in Toronto on December 31, 2013. Frank Hogel, Allan Folk, and Keith Stein were elected as directors of the company.
"It has been gratifying to receive overwhelming shareholder support for the new board," said Frank Hogel of Concept Capital Management. "We would like to thank all of our supporters as we get Oremex back to business. We look forward to improving corporate governance measures at Oremex and working in the interests of all shareholders."
The newly elected directors plan to convene their first board meeting after the holidays in January 2014.
Further to the press release of the Company dated December 2, 2013, wherein the Company announced the closing, in escrow, of a private placement financing transaction with GRIT, the Company wishes to confirm that the Company has issued 34,500,000 units ("Units") at a price of $0.05 per Unit to Global Resources Investment Trust Plc (GRIT) effective November 29th, 2013 and that the certificates representing the common shares and warrants comprising the Units are being held in escrow pending the completion of the listing of ordinary shares of GRIT (the "GRIT Shares") on the London Stock Exchange (LSE), upon the occurrence of which the subscription receipts shall automatically be exercised and the Company shall receive one GRIT Share for each subscription receipt held by the Company, without payment of any additional consideration, and the certificates representing the common shares and warrants of the Company shall be released to GRIT. As a result of the previously announced decision by the Ontario Superior Court to move the record date of the Meeting from November 29th 2013 to November 27th, 2013, the common shares partially comprising the Units, were not eligible to be voted for the purposes of the Meeting as they were issued after the revised record date.
About Oremex Silver Inc.
Oremex is a Canadian company focusing on the exploration and development of silver projects along the highly productive mineralized belt in Mexico. The Company has a portfolio of silver projects including a mineral resource of 50.8 million ounces of silver at its Tejamen deposit. The Company's projects are located in mining-friendly jurisdictions in Mexico.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release may constitute forward-looking information (collectively "forward-looking information") within the meaning of Canadian securities laws. Forward-looking information may relate to this news release and other matters identified in Oremex's public filings, anticipated events or results and can be identified by terminology such as "may", "will", "would", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts and include, but are not limited in any manner to, those with respect to entering into definitive and binding agreements with respect to financings, capital and operating expenditures, economic conditions, availability of sufficient financing, receipt of approvals, the receipt of exemptive relief from securities requirements, satisfaction of closing conditions and any and all other timing, development, operational, financial, economic, legal, regulatory and/or political factors that may influence future events or conditions. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited in any manner to, those disclosed in any other public filings of Oremex, and include the ultimate availability and final receipt of required approvals and/or exemptive relief, the decision of third parties to consummate definitive agreements with Oremex, sufficient working capital for development and operations, access to adequate services and supplies, availability of markets for products, commodity prices, foreign currency exchange rates, interest rates, access to capital markets and other sources of financing and associated cost of funds, availability of a qualified work force, availability of manufacturing equipment, no material changes to the tax and regulatory regime and the ultimate ability to execute its business plan on economically favourable terms. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other Oremex filings on www.sedar.com and other unforeseen events or circumstances. Other than as required by law, Oremex does not intend, and undertakes no obligation, to update any forward looking information to reflect, among other things, new information or future events.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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