Post by
goldspinner on Aug 09, 2017 4:30pm
Explor closes 2nd Tranche PP
News > Press Releases Explor Closes a Second Tranche of a Private Placement in Common and Flow-Through Shares V.EXS | 16 minutes ago ROUYN-NORANDA, QUEBEC--(Marketwired - Aug. 9, 2017) - Explor Resources Inc. (TSX VENTURE:EXS)(OTCQB:EXSFF)(FRANKFURT:E1H1)(BERLIN:E1H1) ("Explor" or the "Corporation") is pleased to announce that it has closed a second tranche of a non-brokered private placement of a maximum of 5,882,353 common shares and/or flow-through shares at a price of $0.085 each, for total gross proceeds of up to CDN $500,000. Each common and flow-through 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"). The second tranche of the Private Placement closed today consists in the sale of 120,588 common shares, of 1,085,294 flow-through shares and the issuance of 602,941 warrants. This represents an aggregate subscription of $102,500, out of which $92,250 will have to be incurred by the Corporation in exploration expenditures on mining properties located in the province of Qubec. There are no finder's fees payable for the securities issued upon this second closing. The securities issued pursuant to the second closing of the Private Placement are subject to a hold period of four months and a day ending December 10, 2017. The Private Placement is subject to the final approval of the TSX Venture Exchange.
Comment by
PhillyJack on Aug 10, 2017 9:53am
For anyone worried about drill results being released late it should be obvious that EXS needed to get this PP done and announced before releasing any drill results. Drill results will potentially have a substantial effect on the share price (either up or down). So, EXS needs to finish the PP before releasing news that can materially affect the SP.