Exploring for gold and base metals in the Abitibi Greenstone Belt
Abitibi has produced more than 180 M ounces of gold and more than 450 Mt of Cu-Zn ore to date
Message: Private Placement
| February 12, 2009 |
| Explor Resources Inc.: Private Placement |
| ROUYN-NORANDA, CANADA--(Marketwire - Feb. 12, 2009) - EXPLOR RESOURCES INC. ("Explor" or the "Company")(TSX VENTURE:EXS) is pleased to announce a non-brokered private placement of up to 5,263,157 units of Explor to raise gross aggregate proceeds of up to CDN$1,000,000 (the "Private Placement"). The Private Placement is comprised of (i) units of Explor to be issued on a non-flow-through basis (the "Units") at a price of $0.19 per Unit, where each Unit is comprised of one common share in the capital of the Company (a "Common Share") and one common share purchase warrant (a "Warrant") and (ii) units of Explor to be issued on a flow-through basis (the "Flow-Through Units") at a price of $0.19 per Flow-Through Unit, where each Flow-Through Unit is comprised of one flow-through Common Share (a "Flow Through Common Share") and one-half of one (1/2) Warrant. Each whole Warrant comprised within the Units or Flow-Through Units entitles the subscriber to purchase one additional non flow-through Common Share at a price of $0.24 per Common Share for a period of 24 months from the date of closing. The Company may engage agents to act as finders ("Finders") to source subscribers for the Units and Flow-Through Units offered for sale under the Private Placement. Finder's will receive (i) a cash commission of 10% based on the total amount of proceeds received from the sale of Units and Flow-Through Units, and (ii) compensation options equal to 10% of the aggregate number of Units and Flow-Through Units sold under the Private Placement as a result of the efforts of the Finder. The securities issued pursuant to this Private Placement will be subject to a hold period of four months and a day from the date of closing. This placement is subject to the approval of the TSX Venture Exchange. 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 Company is headquartered in Quebec and was incorporated in Alberta in 1986. Explor Resources Inc. is a public listed company trading on the TSX Venture (EXS). |
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