Explor Closes a First Tranche of a Private Placement in Common and Flow-Through Shares
ROUYN-NORANDA, Quebec, Feb. 14, 2018 (GLOBE NEWSWIRE) -- Explor Resources Inc. (TSX-V:EXS) (OTCQB:EXSFF) (FSE:E1H1) (BE:E1H1) (“Explor” or the “Corporation”) is pleased to announce that it has closed a first tranche of a non-brokered private placement of a maximum of 4,285,714 common shares and/or flow-through shares at a price of $0.07 each, for total gross proceeds of up to CDN $300,000. Each common and flow-through share is accompanied of one-half of a share purchase warrant, one whole warrant and $0.10 being required for the acquisition of one common share of the Corporation at the latest 24 months from each closing (the “Private Placement”).
The first tranche of the Private Placement closed today consists in the sale of 171,429 common shares, of 1,542,857 flow-through shares and the issuance of 857,143 warrants. This represents an aggregate subscription of $120,000, out of which $108,000 will have to be incurred by the Corporation in exploration expenditures on mining properties located in the province of Qubec or in the Province of Ontario. There are no finder’s fees payable for the securities issued upon this first closing.
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 June 15, 2018.
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 2018 located in the south building of the Metro Toronto Convention Center from March 4 to March 7, 2018.
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 OTCQB (EXSFF) and on the Frankfurt and Berlin Stock Exchanges (E1H1).
About Explor Resources Inc.
Explor Resources Inc. is a Canadian-based natural resources company with mineral holdings in Ontario, Qubec, 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 Qubec with approximately 33% in Ontario and 67% in Qubec. 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 Qubec since 2006.
Explor Resources Flagship project is the Timmins Porcupine West (TPW) Project located in the Porcupine mining camp, in the Province of Ontario. 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: |
| |
| Indicated: 213,000 oz (4,283,000 tonnes at 1.55 g/t Au) |
| Inferred: 77,000 oz (1,140,000 tonnes at 2.09 g/t Au) |
| |
| Underground Mineral Resources at a 1.70 g/t Au cut-off grade are as follows: |
| |
| Indicated: 396,000 oz (4,420,000 tonnes at 2.79 g/t Au) |
| Inferred: 393,000 oz (5,185,000 tonnes at 2.36 g/t Au) |
For further information please contact:
| Christian Dupont, President |
| Tel: 888-997-4630 or 819-797-4630 |
| Fax: 819-797-1870 |
Website: www.explorresources.com
Email: info@explorresources.com |