Vancouver, British Columbia--(Newsfile Corp. - May 31, 2019) - Tres-Or Resources (TSXV: TRS) (OTC Pink: TRSFF) has announced non-brokered private placements totaling $1 million, consisting of both flow-through and regular units. The company plans to raise up to $675,000 from the placement of 2,934,783 flow-through units priced at $0.23 per unit, with each flow-through unit consisting of one share and one-half a non-flow-through warrant, with each full warrant exercisable at $0.40 per share for 12 months.
The company also plans to raise up to $375,000 from the placement of 1,973,685 regular units priced at $0.19 per unit, with each regular unit consists of one share and one warrant, with each warrant exercisable at $0.28 per share for 36 months. In conjunction with the private placements, the company plans to consolidate the shares on a 1 for 10 basis.
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The gross proceeds from the flow-through units will be used to fund a proposed 2019 exploration program on the company's 100% owned Guigues kimberlite pipe, which is conveniently located 10 kilometres from Notre-Dame-du-Nord, in Québec. Tres-Or has budgeted $440,000 to use industry-standard drilling and sampling techniques to collect core samples from the most prospective areas of the Guigues Pipe for the first microdiamond testing at an independent and modern microdiamond testing facility. The company anticipates that this drilling program will commence near the end of the third quarter and that the microdiamond testing results will be available near the end of the year.
This summer, the company also plans to commence a comprehensive exploration program at its Guigues Project. The goal of this phase of the exploration program is to quickly conduct a regional surface till sampling program for indicator minerals over the high-priority anomalies near the Guigues Pipe that were identified from the company's 2015 helicopter-borne Mag-EM survey. Near the end of the third calendar quarter, the company also plans to drill 150-metre core drill holes into the two high-priority exploration targets generated from the summer exploration program.
Laura Lee Duffett, President & CEO, stated: "As a result of renewed investor interest following a re-examination of historical work on the project, the Company strongly believes this Private Placement to fund exploration plans to advance the Guigues Project is in the best interest of the Company, especially in light of the challenging financing environment for mining and exploration companies."
The company is also in confidential discussions to option its Fontana Gold Project located near Amos, Québec.
For more information, please visit the company's website at www.tres-or.com, contact Laura Lee Duffett, President and CEO, at 604-541-8376 or by email laura@tres-or.com, or David Vinokurov of Sniper Capital at 416-716-9281 or by email at david@snipercapital.com.
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