/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES/
TORONTO, Sept. 23, 2020 /CNW/ - Orford Mining
Corp. ("Orford" or the "Company") (TSXV: ORM) is pleased to
report that the previously announced non-brokered private placement
dated September 18, 2020 for
$4,500,000 has been upsized to
$5,250,000 due to investor
demand.
The non-brokered private placement consists of : (i)
flow-through units at an issue price of C$0.315 per unit, and
(ii) hard dollar units at an issue price of C$0.18 per unit. (the "Offering"). The
expected gross proceeds of up to $5,250,000 from the sale of flow-through units,
hard dollar units, or any combination thereof. Each
flow-through unit will consist of one common share issued and
one-half of a common share purchase warrant, each on a flow-through
basis. Each hard dollar unit will consist of one common share and
one-half of a common share purchase warrant. Each whole
common share purchase warrant will entitle the holder to purchase
one common share of the Company for a period of three years at an
exercise price of $0.26. Alamos Gold
(AGI-TSX) has confirmed that it will participate in the financing
at its pro-rata level of 22.2%.
Orford intends to use the
proceeds of the Offering to commence exploration of its newly
acquired Joutel area properties; Joutel South and McClure East, to continue exploration on its
Qiqavik project in Northern Quebec
and for general corporate purposes. The Qiqavik project represents
a new gold discovery in the Cape Smith Belt of Northern
Quebec. The Joutel area properties are vastly underexplored
and we look forward to advancing them.
The Offering is anticipated to close on or before October 15, 2020, may close in tranches before
that date and is subject to receipt of applicable regulatory
approvals, including approval of the TSX Venture Exchange. The
securities issued under the Offering will be subject to a hold
period expiring four months plus a day from the date of
closing.
Alamos is acquiring the shares for investment purposes, which
will be evaluated and increased or decreased from time to time at
Alamos' discretion. A copy of the Alamos Early Warning Report is
available on SEDAR at https://www.sedar.com or can be
requested by contacting Scott
Parsons, Vice-President, Investor Relations, at
SParsons@alamosgold.com, 416-368-9932 (ext 5439) or by mail at
Brookfield Place, 181 Bay Street, Suite 3910, Toronto, Ontario M5J 2T3.
About Orford Mining Corporation
Orford Mining is a
gold explorer focused on highly prospective and underexplored areas
of Northern Quebec. Orford's principal assets are the Qiqavik and
West Raglan projects comprising a land package totaling over 80,000
hectares in the Cape Smith Belt of Northern Quebec. The Qiqavik Project hosts
several new high-grade gold discoveries along a mineralized trend
in excess of 40 km. The West Raglan project hosts a number of high
grade Raglan-style nickel/copper/platinum group metal discoveries
along a 55 km mineralized trend. Orford also recently acquired two property
positions in the Joutel region of the Abitibi district of northern
Quebec, which hosts historical
deposits such as the Eagle/Telbel, Joutel Copper, Poirier Copper, and Vezza deposits. Orford continually seeks new gold exploration
opportunities in North America.
Orford's common shares trade on
the TSX Venture Exchange under the symbol ORM. This information
from neighbouring properties is not necessarily indicative of the
mineralization on Orford Mining's properties.
To view further details about the Qiqavik and West Raglan
Projects please visit Orford's
website, www.orfordmining.com.
Cautionary Statement Concerning Forward-Looking
Statements
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
This news release contains "forward-looking information"
including without limitation statements relating to the proposed
Offering, liquidity and capital resources of Orford and potential of one or more of
Orford's mineral
properties.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Orford to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Factors that could affect the
outcome include, among others: demand for the Offering, future
prices and the supply of metals; the results of drilling; inability
to raise the money necessary to incur the expenditures required to
retain and advance the properties; environmental liabilities (known
and unknown); general business, economic, competitive, political
and social uncertainties; accidents, labour disputes and other
risks of the mining industry; political instability, terrorism,
insurrection or war; or delays in obtaining governmental approvals,
failure to obtain regulatory or shareholder approvals. For a more
detailed discussion of such risks and other factors that could
cause actual results to differ materially from those expressed or
implied by such forward-looking statements, refer to Orford's filings with Canadian securities
regulators available on SEDAR at www.sedar.com.
Although Orford has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results to differ from those
anticipated, estimated or intended. Forward-looking statements
contained herein are made as of the date of this news release and
Orford disclaims any obligation to
update any forward-looking statements, whether as a result of new
information, future events or results or otherwise, except as
required by applicable securities laws.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this news
release.
SOURCE Orford Mining Corporation