Explor Closes a CDN $179,000 Private Placement
May 05 2014 - 4:14PM
Marketwired
Explor Closes a CDN $179,000 Private Placement
ROUYN-NORANDA, CANADA--(Marketwired - May 5, 2014) - Explor
Resources Inc. ("Explor" or "the Corporation")
(TSX-VENTURE:EXS)(OTCQX:EXSFD)(FRANKFURT:E1H1)(BERLIN:E1H1) is
pleased to announce that it has closed a non-brokered private
placement for a total gross amount of CDN $179,000.
The placement consists in 2,301,429 flow-through shares at a
price of $0.07 per share representing an amount of $161,100 and
298,333 common shares at a price of $0.06 per share representing a
total amount $17,900. Each share is accompanied of one-half (1/2)
share purchase warrant. Each whole warrant gives the right to
subscribe for one common share of the Corporation at a price of
$0.10 per share, expiring May 5, 2015.
The securities that will be issued at the closing of this
private placement will be subject to a hold period of four months
and one day from closing. This 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 OTCQX (EXSFD) 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. is a Canadian-based natural resources
company with mineral holdings in Ontario, Québec, 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 Québec with approximately 33% in Ontario and 67% in
Québec. 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 Québec 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) |
This document may contain forward-looking statements
relating to Explor's operations or to the environment in which it
operates. Such statements are based on operations, estimates,
forecasts and projections. They are not guarantees of future
performance and involve risks and uncertainties that are difficult
to predict and may be beyond Explor's control. A number of
important factors could cause actual outcomes and results to differ
materially from those expressed in forward-looking statements,
including those set forth in other public filling. In addition,
such statements relate to the date on which they are made.
Consequently, undue reliance should not be placed on such
forward-looking statements. Explor disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
save and except as may be required by applicable securities
laws.
Christian Dupont, President888-997-4630 or
819-797-4630819-797-6050www.explorresources.comInvestor
Relations:Gary Lindsey, United States:1-720-273-6224Michael Adams,
Europeinfo@star-ir.com