NewsOrex names Landry as director, arranges $1.5M placement 2015-12-23 08:06 ET - News Release Mr. Jacques Levesque reports OREX EXPLORATION INC.: NEW DIRECTOR AND PRIVATE PLACEMENT Jean-Pierre Landry has been appointed as director of Orex Exploration Inc., effective immediately, by the company's board of directors. Jean-Pierre Landry is an engineer and a project manager with experience in different type and size of projects. He has over 20 years' experience for different companies as Noranda Mines, Falconbridge, Aurizon and Goldcorp in mining project like Kidd Creek, Raglan and Eleonore. At Goldcorp (Eleonore) and Aurizon (Johanna) he was in charge of the feasibility. Mr. Landry acts as independent consultant on mining project analysis and construction planning. Martin Marchessault is joining the Orex team as special consultant. Martin Marchessault is a financial controller and has over 10 years' experience specifically in cost control in the mining industry. He has served as cost controller on projects at Raglan (Glencore) and Eleonore (Goldcorp) and on other construction projects. On Eleonore he was a key member of the owner's team that presented the feasibility study that led to the Eleonore project construction. He is actually Assistant VP major Project with J. Y. Moreau Electrique Inc. a large electric and industrial company in Quebec. The Company also announces that it intends to proceed with a non-brokered private placement of units (the "Private Placement") for a maximum amount of $1,500,000. Each unit is composed of one common share of Orex at a price of $0.05 and of one common share purchase warrant, at an exercise price of $0.75 per share, valid for a five-year period. The subscribed securities will be subject to a hold period of four months from the closing date. This private placement is subject to the final approval of the TSX Venture Exchange. On December 23, 2015, Orex completed the first closing the Private Placement for an amount of $375,000. A total of 7,500,000 common shares and 7,500,000 warrants were subscribed. Directors and officers of the Company participated in the Private Placement for an amount of $197,000. The proceeds of the Private Placement will be used by Orex for exploration on its Goldboro gold project and for the cash flow. The Company plans to do an additional closings to the Private Placement in the upcoming weeks. We seek Safe Harbor.