TORONTO, May 14, 2018 /CNW/ - Orefinders Resources
Inc. ("Orefinders" or the "Company") (TSX.V: ORX) is pleased to
remind shareholders of the Company's Annual General & Special
Meeting ("AGSM") on May 24 at
10am EDT at 120 Adelaide St. West,
Suite 2500 in Toronto.
Management encourages shareholders to review annual reports
and proxy materials which have been mailed. Additionally, all
information pertaining to the AGSM is posted on www.sedar.com.
"We would like to highlight the Company's proposal and vote
pertaining to the Power Ore Inc. ("Power Ore") plan of arrangement
(the "POA") and spin off. The Orefinders team is encouraging all
shareholders to vote yes on all matters, particularly with respect
to the Power Ore transaction whereby Orefinders shareholders will
receive one free Power Ore share for every 16.44 shares in
Orefinders. We see this as an opportunity to add value to
Orefinders' balance sheet, liquidity and to provide our
shareholders with a direct distribution that provides exposure to a
fast growing sector – battery metals," said Stephen Stewart
Orefinders CEO.
Pending a successful vote on the Power Ore POA, as described in
the Orefinders April 23, 2018 news
release, and subject to approval of the TSX Venture Exchange, the
transaction will officially close in a few days after the AGSM.
Accordingly, management is advising that shareholders who wish to
benefit from the distribution of Power Ore shares should be
Orefinders shareholders no later than the date of the AGSM.
Orefinders will issue a news release indicating the results of the
POA vote and the status of the listing for Power Ore's shares
shortly after the AGSM.
Should Orefinders shareholders have any questions pertaining to
the AGSM, Power Ore or any of the voting proxy materials please do
not hesitate to contact management.
About the Power Ore Plan of Arrangement
Orefinders will sell the Mann Mine property and MacMurchy
property to Power Ore in consideration for Power Ore issuing 11
million shares to Orefinders. Pursuant to the POA, Orefinders
will then distribute 5,500,000 of those shares to existing
Orefinders shareholders pro rata. Based on the current issued
and outstanding shares, Orefinders' shareholders will receive
approximately 1 Power Ore share for every 16.44 Orefinders shares
held. The effective date for this share distribution to occur is
expected to be a few days after the AGSM. Orefinders will
retain the balance of the 5,500,000 shares on its balance
sheet.
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 Vehicles and for Mass Energy Storage on the grid or
in homes. Specifically, Cobalt and
Nickel; and
- Advanced stage assets in Canada where discoveries have been made,
mineralization is well understood and infrastructure is in
place.
Power Ore's 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.
More details are available at www.powerore.com
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.
For the latest updates please contact or follow us on Twitter
@OrefindersR
SOURCE Orefinders Resources Inc.