/NOT FOR DISSEMINATION IN THE UNITED
STATES OR FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES/
- Oro X and Latitude Silver have engaged Echelon and Red Cloud as lead agents for best-efforts
private placement
- Will raise minimum $14,000,000 at
$0.60 per Subscription Receipt
- Financing is condition of Oro X and Latitude Silver merger
VANCOUVER, BC, March 19, 2021 /CNW/ - ORO X MINING
CORP. (TSXV: OROX) (OTC-PINK: WRPSF) ("Oro X" or the
"Company") and Mines and Metals Trading (Peru) PLC ("MMTP", also commercially
known as "Latitude Silver") are pleased to announce the
price of the previously announced "best-efforts" private placement
(the "Offering") of subscription receipts ("Subscription
Receipts") of MMTP Finco Inc. ("MMTP Finco"), a
wholly-owned subsidiary of MMTP, is $0.60 per Subscription Receipt. Echelon
Wealth Partners Inc. and Red Cloud Securities Inc. are acting as
co-lead agents (together, the "Co-Lead Agents" on their own
behalf and on behalf of a syndicate of agents including Canaccord
Genuity Corp., and Mackie Research Capital Corporation,
collectively with the Co-Lead Agents, the "Agents") in
connection with the Offering. The Offering is expected to raise
aggregate gross proceeds of a minimum of $14,000,000. Each Subscription Receipt will
convert into one common share in the capital of MMTP Finco (each,
an "MMTP Finco Share") upon the satisfaction of certain
escrow release conditions, as described in more detail in the
Company's news release dated March 1,
2021.
The Offering is a condition precedent to the completion of the
business combination (the "Transaction") announced by Oro X
and MMTP on February 11, 2021.
Concurrent with the completion of the Transaction, Oro X will also
acquire all of the issued and outstanding MMTP Finco Shares
pursuant to an amalgamation of MMTP Finco and a newly formed
wholly-owned subsidiary of Oro X (the "Finco Amalgamation").
Pursuant to the Finco Amalgamation, the MMTP Finco Shares will be
exchanged for common shares of Oro X ("Oro X Shares") on the
basis of one Oro X Share to be issued
for every one MMTP Finco Share. The Oro X Shares issued pursuant to
the Finco Amalgamation will not be subject to any hold period under
applicable Canadian securities laws.
Proceeds of the Offering are expected to be used for mine
development and exploration activities at MMTP's Recuperada Mine,
and for general working capital. The Offering is expected to close
on or about April 8, 2021.
About Oro X Mining
Oro X Mining is a Canadian exploration company currently
targeting high grade gold exploration in Peru. The Company's flagship asset is the
Coriorcco Gold Project in Ayacucho, Peru. Founders and management have a
successful track record of increasing shareholder value. For more
information visit our website at www.oroxmining.com.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described in
this news release in the United
States. Such securities have not been, and will not be,
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act"), or any state securities laws,
and, accordingly, may not be offered or sold within the United States, or to or for the account or
benefit of persons in the United
States or "U.S. Persons", as such term is defined in
Regulation S promulgated under the U.S. Securities Act, unless
registered under the U.S. Securities Act and applicable state
securities laws or pursuant to an exemption from such registration
requirements.
ON BEHALF OF THE BOARD
Luis Zapata
CEO & Director
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Statement Regarding "Forward-Looking"
Information
Some of the statements contained in this news release are
forward-looking statements and information within the meaning of
applicable securities laws. Forward-looking statements and
information can be identified by the use of words such as
"expects", "intends", "is expected", "potential", "suggests" or
variations of such words or phrases, or statements that certain
actions, events or results "may", "could", "should", "would",
"might" or "will" be taken, occur or be achieved. Forward-looking
statements in this news release include statements in respect of
the terms of the Offering, the use of proceeds from the Offering
and the completion of the Offering, the Transaction and the Finco
Amalgamation. Forward-looking statements and information are not
historical facts and are subject to a number of risks and
uncertainties beyond the Company's control. In particular, there is
no assurance that the Offering will be successful or that the
conditions precedent to the Offering, the Transaction and the Finco
Amalgamation will be satisfied on the terms currently proposed or
at all. Actual results and developments are likely to differ, and
may differ materially, from those expressed or implied by the
forward-looking statements contained in this news release.
Accordingly, readers should not place undue reliance on
forward-looking statements. The Company undertakes no obligation to
update publicly or otherwise revise any forward-looking statements,
except as may be required by law.
SOURCE Oro X Mining Corp.