TORONTO, July 18, 2019 /CNW/ - Orefinders Resources
Inc. ("Orefinders" or the "Company") (TSX.V: ORX) announces that it
has closed the non-brokered private placement previously announced
on June 3, 2019 for aggregate
proceeds of $555,000 (the
"Offering"). Orefinders' CEO Stephen
Stewart purchased approximately 9.5% of the shares issued in
this Offering.
Upon closing of the Offering, the Company issued:
(a)
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1,966,667
flow-through units (the "Flow-Through Units"), at a price of $0.06
per Flow-Through Unit for gross proceeds of $118,000, where each
Flow-Through Unit consists of one flow-through common share and
one-half of one common share purchase warrant. Each whole warrant
will entitle the holder to purchase one additional common share of
the Company at a price of $0.10 for a period of 24 months from the
date of issuance; and
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(b)
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8,740,000 units (the
"Hard Dollar Units"), at a price of $0.05 per Hard Dollar Unit, for
gross proceeds of $437,000, where each Hard Dollar Unit consists of
one common share and one-half of one common share purchase warrant.
Each whole warrant will entitle the holder to purchase one
additional common share of the Company at a price of $0.08 for a
period of 24 months from the date of issuance.
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In accordance with applicable securities laws in Canada, the common shares and warrants issued
as part of the Flow-Through Units and the Hard Dollar Units under
this Offering will be subject to a four month and one day hold
period from the date of closing of the Offering.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold within
the United States or to, or for
the account or benefit of, U.S. Persons unless registered under the
U.S. Securities Act and applicable state securities laws, unless an
exemption from such registration is available.
In consideration for introducing certain subscribers to the
Offering, the Company has paid certain arm's length finders an
aggregate of $10,010 in cash and
196,000 finder's warrants. Each finder's warrant entitles the
holder, on exercise thereof, to purchase one common share at a
price of $0.05 for a period of 24
months.
About Orefinders Resources Inc.
Orefinders is a Gold exploration and development company focused
in the Kirkland Lake District of
Ontario's Abitibi Greenstone Belt.
The Company is listed on the Toronto Venture Exchange under the
symbol ORX.
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
SOURCE Orefinders Resources Inc.