Loading, Please Wait...
ROUYN-NORANDA, CANADA--(Marketwired - Feb 19, 2016) - Explor Resources Inc.(TSX VENTURE:EXS)(OTCQX:EXSFF)(FRANKFURT:E1H1)(BERLIN:E1H1) ("Explor" or the "Corporation") is pleased to announce that it has closed a second and last tranche of the non-brokered private placement announced by press release on February 8, 2016. A maximum of 10,000,000 common shares and/or flow-through shares at a price of $0.10 each, for total gross proceeds of up to CDN $1,000,000 were offered pursuant to this private placement. Each share is accompanied of one-half of a share purchase warrant, one whole warrant and $0.15 being required for the acquisition of one common share of the Corporation at the latest 24 months from each closing (the "Private Placement").
A first tranche of the Private Placement was closed on February 8, 2016 for an amount of $180,000, representing 1,800,000 shares and 900,000 share purchase warrants. No finder's fees were payable upon this first closing.
On February 19, 2016, the Corporation proceeded to the closing of the sale of 8,040,000 common shares/or flow-through shares and of 4,020,000 share purchase warrants, for total gross proceeds of $804,000, of which $347,000 shall be incurred in exploration expenses on the Corporation's mining properties. Upon this closing, the Corporation has paid finders' fees for the subscriptions received through arm's length finders, representing a cash amount equal to 8% of the subscribed amount through the finders and non-transferrable finder's warrants entitling to purchase such number of common shares of the Corporation equal to 8% of the aggregate number of shares subscribed through the finders. These finder's warrants are exercisable at a price of $0.10 per common share, up to 24 months from the closing date. As such, the Corporation paid a total cash compensation of $34,560 and has issued a total of 345,600 warrants to intermediaries. The securities issued pursuant to this last closing of the Private Placement are subject to a hold period of four months and a day ending June 20, 2016.
An officer of the Corporation has subscribed for 10% of the Private Placement. The Private Placement is subject to the final approval of the TSX Venture Exchange.
Explor Resources invites investors to visit our booth at the following conference:
Booth #2122 at the Investor Exchange of the PDAC 2016 located in the south building of the Metro Toronto Convention Center from March 6 to March 9, 2016.
The management team at Explor Resources Inc. looks forward to having you join us.
Explor Resources Inc. is a publicly listed company trading on the TSX Venture (EXS), on the OTCQX Exchange (EXSFF) and on the Frankfurt and Berlin Stock Exchanges (E1H1).
This press release was prepared by Explor Resources Inc. Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.
About Explor Resources Inc.
Explor Resources Inc. is a Canadian-based natural resources company with mineral holdings in Ontario, Quebec, Saskatchewan and New Brunswick. Explor is currently focused on exploration in the Abitibi Greenstone Belt. The belt is found in both provinces of Ontario and Quebec with approximately 33% in Ontario and 67% in Quebec. The Belt has produced in excess of 180,000,000 ounces of gold and 450,000,000 tonnes of cu-zn ore over the last 100 years. The Corporation was continued under the laws of Alberta in 1986 and has had its main office in Quebec since 2006.
Explor Resources Flagship project is the Timmins Porcupine West (TPW) Project located in the Porcupine mining camp, in the Province of Ontario. Teck Resources Ltd. is currently conducting an exploration program as part of an earn-in on the TPW property. The TPW mineral resource (Press Release dated August 27, 2013) includes the following:
Open Pit Mineral Resources at a 0.30 g/t Au cut-off grade are as follows:
Underground Mineral Resources at a 1.70 g/t Au cut-off grade are as follows:
This document may contain forward-looking statements relating to Explor's operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Explor's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filling. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Explor disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.