Closes a First Tranche of a Maximum of $1 Million Private Placement in Flow-Through Shares
Rouyn-Noranda, April 13, 2017 AEST (ABN Newswire) - Explor Resources Inc. (
CVE:EXS) (E1H1:FRA) (EXSFF:OTCMKTS) ("Explor" or the "Corporation") announces the closing of a first tranche of a non-brokered private placement of a maximum of 11,764,705 flow-through common shares at a price of $0.085 each, for total gross proceeds of up to CDN $1,000,000 (the "Private Placement"). The first tranche of the Private Placement closed on March 30, 2017 consists in the sale of 5,294,000 flow-through shares for an aggregate subscription of $449,990.
The net proceeds from the Private Placement will be incurred by the Corporation in exploration expenditures on mining properties located in the province of Quebec.
In connection with the Private Placement, the Corporation will pay to an arm's length finder, finder's fees representing a cash amount equal to 8% of the subscribed amount through the finder, 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 finder. These finder's warrants will be exercisable at a price of $0.085 per common share, up to 24 months from the closing date.
The securities issued pursuant to the first closing of the Private Placement are subject to a hold period of four months and a day ending July 31, 2017. The Private Placement is subject to the final approval of the TSX Venture Exchange.
Explor Resources Inc. is a publicly listed company trading on the TSX Venture (EXS), on the OTCQB (EXSFF) and on the Frankfurt and Berlin Stock Exchanges (E1H1).
About Explor Resources Inc.
Explor Resources Inc. (CVE:EXS) (OTCMKTS:EXSFF) (FRA:E1H1) 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.
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