Power Ore Announces $1,000,000 Non- Brokered Financing to Drill Opemiska Copper Mine Complex
Power Ore Announces $1,000,000 Non-
Brokered Financing to Drill Opemiska Copper
Mine Complex
TORONTO
,
Feb. 28, 2019
/CNW/ -
Power Ore Inc. ("Power Ore" or the "Company") (TSX.V: PORE)
is pleased to announce the commencement of an up to
$1,000,000
non-brokered financing. The net
proceeds of this financing will be used towards the first phase of the Company's drill campaign and
for development of the Opemiska Copper Complex project as well as for general working capital. The
terms of the financing are as follows:
Hard Dollar Units are
10 cents
and include a common share plus one half warrant exercisable at
15 cents
for 2 years.
Flow Through Units are
12 cents
and include a common share plus one half warrant exercisable
at
16 cents
for 2 years.
Subscription agreements are available upon request. The financing is only available to accredited
investors.
Completion of the Financing remains subject to the approval of the TSX Venture Exchange. The
financing may include any combination of Hard Dollar Units and Flow Through Units. All securities
issued pursuant to the Financing will be subject to a statutory four month hold period.
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.
Opemiska was mined by
Falconbridge
as a high-grade underground mining operation, and was in
production for over 35 years prior to Ex-In acquiring the property in 1993.
For information and updates on Power Ore, please visit:
www.powerore.com
And please follow us on Twitter @PowerOre
N
either 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
View original content:
http://www.newswire.ca/en/releases/archive/February2019/28/c8288.html
%SEDAR: 00045293E
For further information:
To speak to the Company directly, please contact: Stephen Stewart, Chief
Executive Officer, Phone: 416.644.1571, Email: [email protected], www.powerore.com
CO: Power Ore
CNW 08:00e 28-FEB-19