TORONTO, May 20, 2020 /CNW/ - Power Ore Inc. ("Power Ore"
or the "Company") (TSX.V: PORE) is pleased to announce that it has
closed a non-brokered flow-through ("FT") private placement for
aggregate proceeds of $300,000 (the
"Offering"). Upon closing of the Offering, the Company issued:
- 4,285,715 FT units, at a price of $0.07 per FT Unit for gross proceeds of
$300,000, where each FT 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.
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.
In consideration for introducing certain subscribers to the
Offering, the Company has paid certain arm's length finders an
aggregate of $7,000 in cash and
100,000 finder's warrants. Each finder's warrant entitles the
holder, on exercise thereof, to purchase one common share at a
price of $0.07 for a period of 24
months.
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. 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. Power Ore is a trade name of PowerOre Inc. PowerOre
Inc. 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 PowerOre
Inc. 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.
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.
SOURCE Power Ore