TORONTO, Dec. 23, 2019 /CNW/ - PowerOre Inc. ("Power
Ore" or the "Company") (TSX.V: PORE) is pleased to announce that it
has closed a non-brokered private placement for aggregate proceeds
of $664,549.54 (the "Offering"). Upon
closing of the Offering, the Company issued:
- 8,993,565 flow-through units (the "Flow-Through Units"), at a
price of $0.07 per Flow-Through Unit
for gross proceeds of $629,549.54,
where each Flow-Through Unit consists of one flow-through common
share and one-half of one common share purchase warrant. Each whole
warrant will entitle the holder to purchase one additional common
share of the Company at a price of $0.10 for a period of 24 months from the date of
issuance; and
- 700,000 units (the "Hard Dollar Units"), at a price of
$0.05 per Hard Dollar Unit, for gross
proceeds of $35,000, where each Hard
Dollar Unit consists of one common share and one-half of one common
share purchase warrant. Each whole warrant will entitle the holder
to purchase one additional common share of the Company at a price
of $0.07 for a period of 24 months
from the date of issuance.
In accordance with applicable securities laws in Canada, the common shares and warrants issued
as part of the Flow-Through Units and the Hard Dollar Units under
this Offering will be subject to a four month and one day hold
period from the date of closing of the Offering.
In consideration for introducing certain subscribers to the
Offering, the Company has paid certain arm's length finders an
aggregate of $26,568.50 in cash and
393,550 finder's warrants. Each finder's warrant entitles the
holder, on exercise thereof, to purchase one common share at a
price of $0.06 for a period of 24
months.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold within
the United States or to, or for
the account or benefit of, U.S. Persons unless registered under the
U.S. Securities Act and applicable state securities laws, unless an
exemption from such registration is available.
About Opemiska Copper Mine Complex
The Opemiska Copper Complex is located adjacent to the town of
Chapais, Quebec within the
Chibougamau region. Opemiska is
also within the Abitibi Greenstone belt and within the boundaries
of the Province of Quebec's Plan
Nord which promotes and funds infrastructure and development of
natural resource projects. The project consists of 11 mining claims
and covers the past producing Springer & Perry mines which were
owned and operated by Falconbridge. The project has excellent in
place infrastructure including a power station and direct access to
Highway 113 and the Canadian National Railway.
For information and updates on Power Ore, please
visit: www.powerore.com
And please follow us on Twitter @PowerOre
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this
release. Certain information in this press release may contain
forward-looking statements. This information is based on current
expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might
differ materially from results suggested in any forward-looking
statements. Power Ore is a trade name of PowerOre Inc. PowerOre
Inc. assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those reflected in the forward looking-statements
unless and until required by securities laws applicable to PowerOre
Inc. Additional information identifying risks and uncertainties is
contained in filings by PowerOre Inc. with Canadian securities
regulators, which filings are available under PowerOre Inc. profile
at www.sedar.com.
SOURCE Power Ore