Private Placement

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

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Clavis

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Private Placement

posted on Feb 20, 2009 11:29AM

February 20, 2009

Explor Resources Inc.: Private Placement

ROUYN-NORANDA, QUEBEC--(Marketwire - Feb. 20, 2009) - EXPLOR RESOURCES INC. ("Explor" or the "Company") (TSX VENTURE:EXS) is pleased to announce that it has closed a non-brokered private placement (the "Private Placement") of CDN$999,989, which amount represents the aggregate gross proceeds from the sale of: (i) 3,492,100 units of Explor issued on a non flow-through basis (the "Units") sold 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) 1,771,000 units of Explor issued on a flow-through basis (the "Flow-Through Units") sold 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 engaged 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 received (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.

Explor invites its investors to visit our booth #2122 at the Investor Exchange of the PDAC 2009 located in the south building of the Metro Toronto Convention Center from March 01 to March 04, 2009.

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