Closes a First Tranche of a Private Placement in Common and Flow-Through Shares
Rouyn-Noranda, Aug 3, 2017 AEST (ABN Newswire) - Explor Resources Inc. (CVE:EXS) (E1H1:FRA) (EXSFF:OTCMKTS) ("Explor" or the "Corporation") is pleased to announce that it has closed a first tranche of a non-brokered private placement of a maximum of 5,882,353 common shares and/or flow-through shares at a price of $0.085 each, for total gross proceeds of up to CDN $500,000. Each common and flow-through share is accompanied of one-half of a share purchase warrant, one whole warrant and $0.15 being required for the acquisition of one common share of the Corporation at the latest 24 months from each closing (the "Private Placement").
The first tranche of the Private Placement closed today consists in the sale of 235,294 common shares, of 2,117,647 flow-through shares and the issuance of 1,176,471 warrants. This represents an aggregate subscription of $200,000, out of which $180,000 will have to be incurred by the Corporation in exploration expenditures on mining properties located in the province of Quebec. There are no finder's fees payable for the securities issued upon this first closing.
The securities issued pursuant to the first closing of the Private Placement are subject to a hold period of four months and a day ending December 2, 2017.
The Private Placement is subject to the final approval of the TSX Venture Exchange.
Explor Resources Inc. is a publicly listed company trading on the TSX Venture (EXS), on the OTCQB (EXSFF) and on the Frankfurt and Berlin Stock Exchanges (E1H1).
This press release was prepared by Explor. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.
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About Explor Resources Inc.
Explor Resources Inc. (CVE:EXS) (OTCMKTS:EXSFF) (FRA:E1H1) is a Canadian-based natural resources company with mineral holdings in Ontario, Quebec, Saskatchewan and New Brunswick. Explor is currently focused on exploration in the Abitibi Greenstone Belt. The belt is found in both provinces of Ontario and Quebec with approximately 33% in Ontario and 67% in Quebec. The Belt has produced in excess of 180,000,000 ounces of gold and 450,000,000 tonnes of cu-zn ore over the last 100 years. The Corporation was continued under the laws of Alberta in 1986 and has had its main office in Quebec since 2006.