Explor Resources Inc. Stock Market Press Releases and Company Profile

View in Other Languages Explor Resources Inc. (CVE:EXS) Complète Une Première Tranche D'un Placement Privé En Actions Ordinaires D'un Maximum De 250 000 $ Explor Resources Inc. (CVE:EXS) 完成了第一批最多达25万加元的普通股私募 Explor Resources Inc. (CVE:EXS) Closes a First Tranche of a Maximum of $250,000 Private Placement in Common Shares Explor Resources Inc. (CVE:EXS) 完成了第一批最多達25萬加元的普通股私募 
Closes a First Tranche of a Maximum of $250,000 Private Placement in Common Shares
Closes a First Tranche of a Maximum of $250,000 Private Placement in Common Shares

Sydney, Nov 2, 2017 AEST (ABN Newswire) - Explor Resources Inc. (googlechartCVE:EXS) (googlechartEXSFF:OTCMKTS) (googlechartE1H1:FRA) ("Explor" or the "Corporation") announces the closing of a first tranche of a non-brokered private placement of a maximum of 3,571,500 units at a price of $0.07 each, for total gross proceeds of up to CDN $250,000 (the "Private Placement"). Each unit is composed of one common share and one-half common share purchase warrant. Each whole warrant can be exercised at a price of $0.12 for a period of 24 months. The first tranche of the Private Placement closed today consists in the sale of 2,857,143 units, representing 2,857,143 common shares and 1,428,571 warrants, for an aggregate subscription of $200,000, by a related party to the Corporation, namely, Christian Dupont, director and Chief Executive Officer of the Corporation. After the private placement, assuming the exercise of the warrants included in the units purchased by Christian Dupont, Mr. Dupont would hold, directly or indirectly, or exercise control over approximately 4.3 % of the Corporation issued and outstanding common shares.

The net proceeds from the Private Placement will be used by the Corporation for working capital purposes.

The issuance of securities to a related party in the first tranche of the Private Placement constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 respecting protection of minority security holders in special transactions ("MI "61-101"), which is incorporated into TSX Venture Exchange Policy 5.9. In its consideration and approval of the first tranche of the Private Placement, the board of directors of the Corporation has determined that such subscription to the related party is exempt from the formal valuation and minority approval requirements of MI 61-101 on the main basis that the fair market value of the subscription to the related party does not exceed 25% of the market capitalization of Explor, in accordance with sections 5.5 and 5.7 of MI 61-101.

The securities to be issued pursuant to the first closing of the Private Placement are subject to a hold period of four months and a day ending March 2th, 2018. The Private 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 OTCQB (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 Explor Resources Inc.

Explor Resources CVE:EXS

Explor Resources Inc. (CVE:EXS) (OTCMKTS:EXSFF) (FRA:E1H1) 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.

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Contact

Christian Dupont, President
Tel: +1-888-997-4630 or +1-819-797-4630
Fax: +1-819-797-1870
Website: www.explorresources.com
Email: info@explorresources.com



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