Closes $874,405 of a Maximum of $1,120,000 Private Placement in Flow-Through Units
Rouyn-Noranda, Nov 8, 2017 AEST (ABN Newswire) - Explor Resources Inc. (
CVE:EXS) (EXSFF:OTCMKTS) (E1H1:FRA) ("Explor" or the "Corporation") announces the closing of a first tranche of a non-brokered private placement of a maximum of 16,000,000 flow-through units at a price of $0.07 each, for total gross proceeds of up to CDN $1,120,000 (the "Private Placement"). Each flow-through unit is composed of one flow-through common share and one-half common share purchase warrant. Each whole warrant allows to purchase one additional common share of the Corporation at a price of $0.12. The first tranche of the Private Placement closed today consists in the sale of 12,491,500 flow-through units for an aggregate subscription of $874,405 and the issuance of 12,491,500 flow-through shares and 6,245,750 warrants.
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 5% of the subscribed amount.
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 March 8, 2018. 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).
This press release was prepared by Explor. Neither the TSX Venture Exchange 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. (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.
| ||
|
