Explor Announces Extension of Maturity Date of Convertible Debentures and Underlying Warrants
October 22 2019 - 4:10PM
Explor Resources Inc. (“
Explor”
or the "
Corporation")
(TSX-V: EXS, OTCPK:
EXSFF, FSE & BE: E1H1) announces that it has amended
the terms of the secured convertible debentures in the principal
aggregate amount of $1,300,000 (the “
Convertible
Debentures”) that mature on November 28, 2019.
The Convertible Debentures, issued on November
28, 2018, bear interest at an annual rate of 8%, are secured by the
Corporation’s Timmins Porcupine West Property and have a maturity
date of November 28, 2019. The Convertible Debentures are
convertible into common shares of the Corporation at a conversion
price of $0.05 per common share. The Corporation has extended
the maturity date of the Convertible Debentures for one year until
November 28, 2020. The Corporation announced a proposed
amalgamation with Pure Nickel Inc. on August 22, 2019 (see press
release issued August 22, 2019). Following the amalgamation the
conversion price will be amended from $0.05 to $0.10 based on the
exchange ratio provided by the amalgamation agreement. If the
amalgamation does not occur, the conversion price will be amended
from $0.05 to $0.10.
The Corporation has also extended the expiry
date of the 13,000,000 warrants that were issued in connection with
the Convertible Debentures for one additional year. All other terms
of the warrants remain unchanged. The warrants will now expire on
November 28, 2020 and their exercise price of $0.10 (before giving
effect to the amalgamation) remains the same. None of these
warrants have been exercised.
The amendments to the terms of the Convertible
Debentures and to the warrants are subject to the approval of the
TSX Venture Exchange.
Explor Resources Inc. is a publicly
listed company trading on the TSX Venture (EXS), on the OTC PK
(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.com |
Email:
info@explorresources.com |
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