Explor Resources Inc New EXSFF

EXS Closes Placement of Unsecured Convertible Debentures

[PhillyJack]

4:06 pm ET May 4, 2016 (Market Wire) Print ROUYN-NORANDA, QUEBEC--(Marketwired - May 4, 2016) - Explor Resources Inc. ("Explor" or the "Corporation") (TSX VENTURE:EXS)(OTCQX:EXSFF)(FRANKFURT:E1H1)(BERLIN:E1H1) announces that it has closed a non-brokered private placement of $800,000 (the "Placement"). The Placement consists of an amount of $800,000 in capital in unsecured convertible debentures (the "Debentures"). The Debentures bear interest at an annual rate of 8% and expire in one year from the closing of the Placement. Each holder of Debentures will be entitled to convert the principal amount of the Debentures in common shares of the Corporation, at a price of $0.15 per share. Therefore, the Corporation will reserve an aggregate number of 5,333,333 common shares of its capital stock in the event of the conversion of the full principal amount of the Debentures. In connection with the Placement, a total of 426,667 non-transferrable warrants will be issued to two finders. Each warrant will be exercisable at $0.15 per common share of Explor for one (1) year from the closing date of the Placement. The Debentures and any shares that may be issued on conversion of the Debentures, as well as any shares that would be issued on exercise of the finders' warrants are subject to a hold period of four months and one day, expiring September 5, 2016. The Placement is conditional to the final approval of the TSX Venture Exchange. Explor Resources invites investors to visit our booth at the following conference: Booth #P28 (Pavilion) at the Big Event, Canadian Mining Expo in Timmins, Ontario, held at the McIntyre Community Centre from June 1 to June 2, 2016. The management team at Explor Resources Inc. looks forward to having you join us.