Explor Renews Convertible Debentures That Expired in July 2018
November 28 2018 - 3:30PM
Explor Resources Inc. (“
Explor”
or the "
Corporation")
(TSX-V: EXS, OTCQB:
EXSFF, FSE & BE: E1H1) announces that it has renewed
at new conditions the $1,200,000 convertible debentures issued on
July 5, 2016 that expired on July 5, 2018 (the
“
Placement”). The Corporation also issued a new
convertible debenture for an amount of $100,000. The Placement now
consists of an amount of 1,300 units at a price of $1,000 per unit
(the “
Units”), each Unit consisting of a capital
amount of $1,000 of convertible debentures (the
“
Debentures”) and of 10,000 common share purchase
warrants of the Corporation (the “
Warrants”).
The one-year term Debentures bear interest at an annual rate
of 8% and will be secured by a security on the Corporation’s
Timmins Porcupine West Property. Each holder of Debentures will be
entitled to convert the principal amount of the Debentures in
common shares of the Corporation, at a price of $0.05 per share.
Each Warrant included in a Unit will allow the subscriber to
purchase one common share of the Corporation at an exercise price
of $0.10 for a period of one year ending November 28, 2019.
Therefore, the Corporation will reserve an aggregate number of
26,000,000 common shares of its capital stock in the event of the
conversion of the full principal amount of the Debentures and an
aggregate number of 13,000,000 of its capital stock in the event of
the exercise of all the Warrants.
One insider of the Corporation has subscribed
for 46% of the Placement and would hold approximately 14% of the
outstanding common shares of the Corporation after the Placement,
taking into consideration the conversion of the Debentures and
exercise of the Warrants.
The Debentures and any shares that may be issued
on conversion of the Debentures, as well as the shares that could
be issued on exercise of the Warrants are subject to a hold period
of four months and one day, expiring March 29, 2019.
The 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.
About Explor Resources
Inc.Explor Resources Inc. is a Canadian-based natural
resources company with mineral holdings in Ontario, Québec,
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 Québec with approximately 33% in
Ontario and 67% in Québec. 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 Québec since
2006.
Explor Resources’ Flagship project is the
Timmins Porcupine West (TPW) Project located in the Porcupine
mining camp, in the Province of Ontario. The TPW mineral resource
(Press Release dated August 27, 2013) includes the following:
|
Open Pit Mineral Resources at a 0.30 g/t Au cut-off grade
are as follows: |
|
|
|
|
Indicated: |
213,000 oz
(4,283,000 tonnes at 1.55 g/t Au) |
|
Inferred: |
77,000 oz
(1,140,000 tonnes at 2.09 g/t Au) |
|
|
|
Underground Mineral Resources at a 1.70 g/t Au cut-off
grade are as follows: |
|
|
|
|
Indicated: |
396,000 oz
(4,420,000 tonnes at 2.79 g/t Au) |
|
Inferred: |
393,000 oz
(5,185,000 tonnes at 2.36 g/t Au) |
|
|
|
This document may contain forward-looking
statements relating to Explor’s operations or to the environment in
which it operates. Such statements are based on operations,
estimates, forecasts and projections. They are not guarantees of
future performance and involve risks and uncertainties that are
difficult to predict and may be beyond Explor’s control. A number
of important factors could cause actual outcomes and results to
differ materially from those expressed in forward-looking
statements, including those set forth in other public filling. In
addition, such statements relate to the date on which they are
made. Consequently, undue reliance should not be placed on such
forward-looking statements. Explor disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
save and except as may be required by applicable securities
laws.
For further information please contact:
Christian
Dupont, President |
Tel:
888-997-4630 or 819-797-4630 |
Fax:
819-797-1870 |
Website:
www.explorresources.com |
Email:
info@explorresources.com |
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