TORONTO, May 14, 2020 /CNW/ - Power Ore Inc. ("Power Ore"
or the "Company") (TSX.V: PORE) PowerOre Inc. ("Power Ore" or the
"Company") (TSX.V: PORE) is pleased to announce that it will be
closing a $300,000 non-brokered
flow-through ("FT") private placement financing:
Terms of the Financing as Follows:
- FT units priced at 7 cents
consisting of one flow through common share plus one half warrant,
each full warrant being exercisable into one common share at
10 cents for 2 years.
In accordance with applicable securities laws in Canada, the common shares and warrants issued
as part of the Flow-Through 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.
Power Ore is also pleased to announce that it has applied to the
TSX Venture for a three-year extension of the term of 9,486,666
common share purchase warrants consisting of 6,920,000 non-flow
through warrants ("NFT Warrants") and 2,566,666 flow through
warrants ("FT Warrants") issued as part of the Company's private
placement that closed on June 1,
2018. NFT Warrants are exercisable at $0.08 and FT Warrants are exercisable at
$0.10, with both NFT Warrants and FT
Warrants currently expiring on June 1,
2020.
Subject to the approval of the TSX Venture Exchange, the term of
the NFT Warrants and FT Warrants will be extended to June 1, 2023 for a total term of five years.
About Opemiska Copper Mine Complex
The Opemiska Copper Complex is located adjacent to the town of
Chapais, Quebec within the
Chibougamau region. Opemiska is
also within the Abitibi Greenstone belt and within the boundaries
of the Province of Quebec's Plan
Nord which promotes and funds infrastructure and development of
natural resource projects. The Opemiska property covers 9,852
hectares and covers the past producing Springer, Perry, Robitaille
and Cooke mines which were owned and operated by Falconbridge. The project has excellent in
place infrastructure including a power station and direct access to
Highway 113 and the Canadian National Railway.
For information and updates on Power Ore, please
visit: www.powerore.com
And please follow us on Twitter @PowerOre
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.
Cautionary Note Regarding Forward-Looking Statements: This
release includes certain statements and information that may
constitute forward-looking information within the meaning of
applicable Canadian securities laws. All statements in this news
release, other than statements of historical facts, including
statements relating to proposed amendments to the FT Warrants and
NFT Warrants are forward-looking statements and contain
forward-looking information. Generally, forward-looking statements
and information can be identified by the use of forward-looking
terminology such as "intends" or "anticipates", or variations of
such words and phrases or statements that certain actions, events
or results "may", "could", "should", "would" or "occur".
Forward-looking statements are based on certain material
assumptions and analysis made by the Company and the opinions and
estimates of management as of the date of this press release,
including that the proposed warrant amendments will receive the
requisite TSX Venture Exchange approval. These forward-looking
statements are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking statements or forward-looking information.
Important factors that may cause actual results to vary, include,
without limitation, the proposed warrant amendments will not
receive the requisite TSX Venture Exchange approval. Although
management of the Company has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking statements or forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements and forward-looking
information. Readers are cautioned that reliance on such
information may not be appropriate for other purposes. The Company
does not undertake to update any forward-looking statement,
forward-looking information or financial out-look that are
incorporated by reference herein, except in accordance with
applicable securities laws. Additional information
identifying risks and uncertainties is contained in filings by
PowerOre Inc. with Canadian securities regulators, which filings
are available under PowerOre Inc. profile at
www.sedar.com.
SOURCE Power Ore