The Board of Explorex Resources Inc. (TSXV:EX) announced the spin-off of current mineral exploration assets on December 23, 2019. Explorex Resources Inc. (TSXV:EX) entered into an arrangement agreement to spin off Origen Resources Inc. on January 28, 2020. The arrangement, if completed, will result in, among other things, the shareholders of Explorex being entitled to receive one common share of Origen Resources Inc. in exchange for each two common shares of Explorex held on the effective date of the Arrangement. Explorex will complete a plan of arrangement under the Business Corporations Act with its wholly-owned subsidiary, to be re-named EXCO Resource Inc. or such other name as may be selected and as acceptable to applicable regulatory authorities, whereby Explorex's current mineral exploration assets and a specified amount of cash will be spun out to EXCO Resource Inc. in accordance with the plan of arrangement, and EXCO Resource Inc. will apply to be listed on Canadian Securities Exchange. Origen Resources Inc. intends to seek a listing of its common shares on the Canadian Securities Exchange ("CSE") following the completion of the Arrangement. Explorex intends to conduct a small financing before the shareholder meeting, for working capital purposes and to provide a portion of the cash to EXCO Resource Inc. under the plan of arrangement. Explorex will be seeking shareholder approval of the Arrangement at the upcoming special meeting of shareholders scheduled to be held on or about March 9, 2020. Upon completion of the transaction, Gary Schellenberg will be Director and Chief Executive Officer; Mike Sieb will be Director and President; William E.A. Wishart, James Mustard and Jerry Bella as Directors; Elizabeth Richards, Certified Public Accountant, CA – Chief Financial Officer and Monita Faris as Corporate Secretary.

The arrangement is one element in a series of transactions which are intended to result in a "fundamental change" for Explorex under CSE Policy 8 and the continuation of Explorex's corporate jurisdiction from British Columbia to the Cayman Islands. The arrangement will be subject to, among other things, approval of the CSE to the arrangement, approval by Explorex Shareholders of the Arrangement at the Meeting, approval by respective boards of directors of Explorex Resources and Origen Resources, the Interim Order and Final Order will have been obtained from the Supreme Court of British Columbia, Explorex will have received confirmation from counsel that the delivery of the Spinco Shares to the Explorex Shareholders, the Explorex Replacement Warrants and Spinco Replacement Warrants to the Explorex Warrantholders pursuant to the Arrangement will be exempt from the registration and prospectus requirements in each of the provinces and territories of Canada in which Explorex Shareholders are resident in Canada, the Spinco Shares will have been conditionally approved for listing on the CSE, no adverse material change will have occurred in the business, affairs, financial condition or operations of Spinco or operations of Explorex. The deal is also conditional on Explorex having received a satisfactory fairness opinion for Explorex and tax advice satisfactory to Explorex, in its sole discretion, respecting the tax consequences of the Arrangement to the Explorex Shareholders. As of February 12, 2020, the transaction was approved by the Board of Directors of Explorex Resources Inc. As of March 11, 2020, the transaction was approved by the shareholders of Explorex Resources Inc. AST Trust Company acted as transfer agent to both Explorex Resources Inc. and Origen Resources Inc. RwE Growth Partners provided fairness opinion to the Board of Directors of Explorex Resources Inc. Davidson & Company LLP acted as accountant to both Explorex Resources Inc. and Origen Resources Inc. Miltom Management LP acted as legal advisors to both Explorex Resources Inc. and Origen Resources Inc.

Explorex Resources Inc. (TSXV:EX) completed the spin-off of Origen Resources Inc., on April 28, 2020. Origen is now a reporting issuer and has received conditional approval to list its common shares on the Canadian Securities Exchange ("CSE"). Explorex Resources will now be known as Raffles Financial Group Limited.