TORONTO, March 26, 2018 /CNW/ - Orefinders Resources Inc.
("Orefinders" or the "Company") (TSX.V: ORX) is pleased to provide
an updated on its spin off company Power Ore Inc. ("Power Ore"),
which will acquire Orefinders' past producing silver-cobalt Mann
Mines and MacMurchy properties vis-à-vis a court approved plan of
arrangement ("POA"). Additionally, Power Ore is announcing
pricing for its seed round financing which is available to
accredited investors. Total gross proceeds for Power Ore's seed
round will be up to $1,000,000.
![Mann Mines within Cobalt – Gowganda District (CNW Group/Orefinders Resources Inc.) Mann Mines within Cobalt – Gowganda District (CNW Group/Orefinders Resources Inc.)](https://mma.prnewswire.com/media/658430/Orefinders_Resources_Inc__Orefinders_Updates_on_Power_Ore_Inc__.jpg)
"We see this transaction as a win-win for Orefinders' balance
sheet as this is akin to a nondilutive financing. Additionally, all
Orefinders' shareholders who will be receiving distributed shares
in Power Ore, and the new shareholders coming into Power Ore will
have direct exposure to series of acquisitions in Canada's cobalt and battery metal sector. Our
shareholders, in both Orefinders and Power Ore, can expect
continued creative and accretive transactions which deliver value
on a per share basis," said Stephen Stewart Orefinders CEO.
Power Ore Update & Timing
Subject to approval of the TSX Venture Exchange (the
"Exchange"), Power Ore is targeting to list on the Exchange in
May 2018 via a court approved POA,
after receiving approval from Orefinders' shareholders. As a part
of its listing process, Power Ore is completing its independent NI
43-101 report on the Mann Mines, independent CIM Valuation report
and fairness opinion and an audit of its financial statements.
Remaining milestones include the completion of its seed round
financing and Orefinders' shareholder approval for the POA at its
Annual General & Special Meeting which is currently scheduled
for May 4, 2018. Pending Orefinders'
shareholder approval, Power Ore expects to achieve its listing in
the days thereafter.
Seed Round Financing for Power Ore Inc.
Power Ore is announcing the commencement of its seed round
non-brokered financing and is raising no more than $1 million for general working capital and work
program purposes. The target capital raise amount is designed to
meet the minimum capital requirements as per the TSX Venture
regulations. There are no founders or 'free' shares being
issued in Power Ore, and management is acting as the lead order in
this financing.
Power Ore's seed round pricing is as follows:
- Hard Dollar Units are 5 cents and
include a common share plus a ½ warrant exercisable at 8 cents for 2 years from closing.
- Flow Through Units are 6 cents
and include common share plus a ½ warrant exercisable at
10 cents for 2 years from
closing.
Subscription agreements for Power Ore's financing are available
upon request. Please enquire to sstewart@orefinders.ca. The
financing is only available to accredited investors.
Additional information and a corporate presentation about Power
Ore is available on www.powerore.com.
About Power Ore Inc.
Power Ore is positioning itself to be the owner of a diversified
portfolio of battery metal assets in Canada, and is focused on two things:
- Assets whose metals are used in the manufacture of Batteries
for Electrical or Autonomous Vehicles and for Mass Energy Storage
on the Grid or in homes. Specifically, Cobalt and Nickel;
- Advance stage assets in Canada
– where discoveries have been made, mineralization is understood
and infrastructure is in place.
Power Ore first assets will be 100% ownership of the Mann
Silver-Cobalt Mine and the MacMurchy nickel property, both of which
are in the Cobalt – Gowganda district of Ontario.
About the Mann Silver & Cobalt Mine
The Mann Mines are silver and cobalt assets located in Milner
Township, Ontario within the
Cobalt-Gowanda region. The
property hosts 9 historic shafts and a ramp driven to the 210-foot
level. They were in production at various times in the
20th century and have recorded historic production prior
to 1987 of over 330,000 oz of silver. The Mann Mines consist
of 867 hectares, west of Cobalt,
Ontario in the renowned Temiskaming Silver area, from which
570,000,000 ounces of silver and +28,000,000 pounds of cobalt have
been produced. There is excellent road access and
local infrastructure available.
Diamond drilling from 2011 and 2012 confirmed high grade silver
and cobalt mineralization which are listed on a table below.
About the MacMurchy Nickel Property
The MacMurchy Property is located approximately 25km west of the
Mann Property and is underlain by Archean volcanic and sedimentary
rocks. Drilling by Creso on a gold-rich quartz vein showing
in 2008 returned anomalous Au associated with quartz veins which
included a 1m interval which assayed
7.43% Ni and 2.1 gpt Pt + Pd + Au (see MNDM AFRI
20005253).
Mann Mine Drill
Results by Creso (2011-2012): High Grade Silver & Cobalt
Intersections
(From MNDM
AFRI 20011567)
|
|
|
|
|
|
Hole
Number
|
From
Metres
|
To
Metres
|
Length
Metres
|
Grade
Cobalt
|
MN11-01
|
111.5
|
117.3
|
5.8
|
0.34%
|
including
|
112.9
|
114.3
|
1.4
|
1.12%
|
MN11-03
|
11
|
11.4
|
0.4
|
0.20%
|
|
|
|
|
|
Hole
Number
|
From
Metres
|
To
Metres
|
Length
Metres
|
Grade Silver
(g/t)
|
MN11-01
|
29
|
58.3
|
29.3
|
131
|
including
|
37
|
38
|
1
|
2,320
|
including
|
52.2
|
52.7
|
0.5
|
1,210
|
|
|
|
|
|
MN11-03
|
21.3
|
50
|
28.8
|
181
|
including
|
35.9
|
41
|
5.2
|
978.5
|
including
|
39.8
|
40.5
|
0.7
|
5,130
|
|
|
|
|
|
MN11-02
|
27.8
|
34.3
|
6.5
|
17.9
|
and
|
95
|
144.5
|
49.5
|
14.3
|
including
|
47.8
|
48.4
|
0.6
|
141
|
|
|
|
|
|
MN12-06
|
16.6
|
38.3
|
21.7
|
58.7
|
including
|
23.3
|
24.7
|
1.4
|
695
|
|
|
|
|
|
QP Statement
The technical information contained in this news release has
been reviewed and approved by Charles
Beaudry, P.Geo, Director and Vice President Exploration for
Orefinders who is a Qualified Person as defined in "National
Instrument 43-101, Standards of Disclosure for Mineral
Projects."
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Certain information in this press release
may contain forward-looking statements. This information is based
on current expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might
differ materially from results suggested in any forward-looking
statements. Orefinders' assumes no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward
looking-statements unless and until required by securities laws
applicable to Orefinders. Additional information identifying risks
and uncertainties is contained in filings by Orefinders with
Canadian securities regulators, which filings are available under
Orefinders' profile at www.sedar.com.
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SOURCE Orefinders Resources Inc.