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Explor Closes a Private Placement of $1,000,000
By: Marketwired .
Dec. 18, 2012 04:17 PM
ROUYN-NORANDA, CANADA -- (Marketwire) -- 12/18/12 -- Explor Resources Inc. (the "Corporation") (TSX VENTURE:EXS)(OTCQX:EXSFF)(FRANKFURT:E1H) is pleased to announce that it has closed a non-brokered private placement for a total amount of CDN $1,000,000.
The placement consists of 6,666,666 flow-through shares at a price of $0.15 per share and each flow-through share is accompanied of one half common share purchase warrant. Each whole warrant allows the subscriber to purchase one (1) common share of the Corporation at a price of $0.23 per share for a period of 24 months, expiring on December 17, 2014.
The securities issued pursuant to the Private Placement are subject to a hold period of four months and a day from the date of closing. This 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 USA Pink Sheet (EXSFF) and on the Frankfurt and Berlin Stock Exchanges (E1H).
About Explor Resources Inc.
Explor Resources Inc. 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.
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 includes: indicated: 212,800 ounces of gold (1,371,000 tonnes at 4.83 g/t Au) and inferred: 814,800 ounces of gold (7,122,000 tonnes at 3.56 g/t Au (Press Release dated June 06, 2012).
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 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.
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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