Power Ore Announces Fully Subscribed Non- Brokered Private Placement
Power Ore Announces Fully Subscribed Non-
Brokered Private Placement
TORONTO
,
May 14, 2020
/CNW/ - Power Ore Inc. ("Power Ore" or the "Company") (TSX.V: PORE)
PowerOre Inc. ("Power Ore" or the "Company") (TSX.V: PORE) is pleased to announce that it will be
closing a
$300,000
non-brokered flow-through ("FT") private placement financing:
Terms of the Financing as Follows:
FT units priced at
7 cents
consisting of one flow through common share plus one half warrant,
each full warrant being exercisable into one common share at
10 cents
for 2 years.
In accordance with applicable securities laws in
Canada
, the common shares and warrants issued as
part of the Flow-Through Units under this Offering will be subject to a four month and one day hold
period from the date of closing of the Offering.
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.
Power Ore is also pleased to announce that it has applied to the TSX Venture for a three-year
extension of the term of 9,486,666 common share purchase warrants consisting of 6,920,000 non-
flow through warrants ("NFT Warrants") and 2,566,666 flow through warrants ("FT Warrants") issued
as part of the Company's private placement that closed on
June 1, 2018
. NFT Warrants are
exercisable at
$0.08
and FT Warrants are exercisable at
$0.10
, with both NFT Warrants and FT
Warrants currently expiring on
June 1, 2020
.
Subject to the approval of the TSX Venture Exchange, the term of the NFT Warrants and FT
Warrants will be extended to
June 1, 2023
for a total term of five years.
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 Opemiska property covers 9,852 hectares and covers the past
producing Springer, Perry, Robitaille and Cooke 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
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.
Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements
and information that may constitute forward-looking information within the meaning of applicable
Canadian securities laws. All statements in this news release, other than statements of historical
facts, including statements relating to proposed amendments to the FT Warrants and NFT Warrants
are forward-looking statements and contain forward-looking information. Generally, forward-looking
statements and information can be identified by the use of forward-looking terminology such as
"intends" or "anticipates", or variations of such words and phrases or statements that certain actions,
events or results "may", "could", "should", "would" or "occur". Forward-looking statements are based
on certain material assumptions and analysis made by the Company and the opinions and
estimates of management as of the date of this press release, including that the proposed warrant
amendments will receive the requisite TSX Venture Exchange approval. These forward-looking
statements are subject to known and unknown risks, uncertainties and other factors that may cause
the actual results, level of activity, performance or achievements of the Company to be materially
different from those expressed or implied by such forward-looking statements or forward-looking
information. Important factors that may cause actual results to vary, include, without limitation, the
proposed warrant amendments will not receive the requisite TSX Venture Exchange approval.
Although management of the Company has attempted to identify important factors that could cause
actual results to differ materially from those contained in forward-looking statements or forward-
looking information, there may be other factors that cause results not to be as anticipated, estimated
or intended. There can be no assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking statements and forward-
looking information. Readers are cautioned that reliance on such information may not be
appropriate for other purposes. The Company does not undertake to update any forward-looking
statement, forward-looking information or financial out-look that are incorporated by reference
herein, except in accordance with applicable securities laws. 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/May2020/14/c0259.html
%SEDAR: 00045293E
For further information:
Stephen Stewart, Chief Executive Officer, Phone:
416.644.1571, Email:
[email protected], www.powerore.com
CO: Power Ore
CNW 08:00e 14-MAY-20