Explor Closes Second Tranche of a Private Placement in Common and Flow-Through Shares
March 16 2018 - 4:15PM
Explor Resources Inc. (TSX-V:EXS) (OTCQB:EXSFF)
(FSE:E1H1) (BE:E1H1)
(“Explor” or the
“
Corporation”
) is announcing that
it has closed a second 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”). A first closing of this
private placement occurred on February 14, 2018 for a total amount
of $120,000.
The second tranche of the Private Placement
closed today consists in the sale of 1,157,143 common shares, of
128,571 flow-through shares and the issuance of 642,857 warrants.
This represents an aggregate subscription of $90,000, out of which
$9,000 will have to be incurred by the Corporation in exploration
expenditures on mining properties located in the province of
Québec. 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 July 17, 2018.
The Private 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 OTCQB
(EXSFF) 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.
For further information please
contact:
Christian Dupont, President |
Tel: 888-997-4630 or 819-797-4630 |
Fax: 819-797-1870 |
Website:
www.explorresources.comEmail:
info@explorresources.com |
Explor Resources (TSXV:EXS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Explor Resources (TSXV:EXS)
Historical Stock Chart
From Apr 2023 to Apr 2024