Explor Closes a Private Placement of $500,000
September 18 2019 - 03:15PM
Explor Resources Inc. (“
Explor”
or the "
Corporation")
(TSX-V: EXS, OTC PK:
EXSFF, FSE & BE: E1H1) is pleased to announce the
closing of a non-brokered private placement of CDN $500,000
in units (the “
Private Placement”). This private
placement is in connection with the Transaction with Pure Nickel
Inc. which was previously announced (See Press Release dated August
22, 2019).
Private Placement
With the terms of the Transaction, Pure Nickel
has agreed to subscribe for 10,000,000 units of Explor at a price
of $0.05 per unit, representing a total amount of $500,000. Each
unit of Explor is comprised of one common share and one-half of one
common share purchase warrant. Each whole purchase warrant can be
exercised into one additional common share of Explor at a price of
$0.10 per share for a period of 24 months.
Explor intends to use the funds from the private
placement to complete the Transaction and for general corporate
purposes.
The securities issued pursuant to the closing of
the Private Placement are subject to a hold period of four months
and a day ending January 19, 2020. The Private Placement is
subject to the final approval of the TSX Venture Exchange.
The TPW Property
The Timmins Porcupine West gold property
consists of 264 unpatented mining units and 3 patented claims
located in the Bristol and Ogden Townships in the Timmins-Porcupine
Mining Camp for a total 3,550 hectares. The property is contiguous
with Tahoe Resources Inc. (now Pan American Silver) West Timmins
Mine. Highway 101 bisects the property and provides access from the
city of Timmins located 13 km to the east.
The Property has been explored since 1927 by
numerous ground geophysical surveys and diamond drilling of up to
111 holes. In 1984, Dome Exploration discovered and delineated a
gold mineralized zone that was approximately 350 meters long and 45
meters wide and open below 350 meters of vertical depth. Following
Explor’s exploration program, the strike length of the gold
mineralization was increased to greater than 2000 meters. The
continuity of mineralization continued to be confirmed, and the
structure remained open at depth below 600 meters. Explor
intersected gold mineralization in 121 out of 126 holes and 64 out
of 65 wedges.
The technical information contained in this
press release has been reviewed and approved by Christian Dupont,
P. Eng., a Qualified Person under National Instrument 43-101
Disclosure Standards for Mineral Projects.
Explor Resources Inc. is a publicly
listed company trading on the TSX Venture (EXS), on the OTC PK
(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 Pure Nickel
Pure Nickel is a mineral exploration and
development company. Since the start of 2019, Pure Nickel has made
strategic steps to expand its focus to include gold and silver
exploration. The addition of the Neal Project in Idaho, in
partnership with Eric Sprott, provides the Company with an advanced
stage gold exploration project that is expected to continue to
return positive exploration results and holds the potential to be
advanced to production.
About Explor Resources Inc.
Explor Resources Inc. is a Canadian-based
natural resources company with mineral holdings in Ontario, Québec,
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:Inferred: |
213,000 oz (4,283,000 tonnes at 1.55 g/t
Au)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:Inferred: |
396,000 oz (4,420,000 tonnes at 2.79 g/t
Au)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, PresidentTel:
888-997-4630 or 819-797-4630Fax: 819-797-1870Website:
www.explorresources.com Email:
info@explorresources.com
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