Power Ore Closes Final Tranche of Non- Brokered Private Placement
Power Ore Closes Final Tranche of Non-
Brokered Private Placement
TORONTO
,
Jan. 24, 2020
/CNW/ - PowerOre Inc. ("Power Ore" or the "Company") (TSX.V: PORE)
is pleased to announce that it has closed its final tranche and hard dollar portion of its non-brokered
private placement (the 'Offering'). This private placement was allocated to a single
Quebec
investment fund,
Société de développement de la
Baie James
(SDBJ)
. Terms of this financing were
agreed to in parallel with the Company's first tranche which was closed and announced on
December
23, 2019
.
Aggregate proceeds of the private placement was
$150,000
. Upon closing of the Offering, the
Company issued 3,000,000 units (the "Hard Dollar Units"), at a price of
$0.05
per Hard Dollar Unit,
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. No
finders fees were paid in connection to this financing.
In accordance with applicable securities laws in
Canada
, the common shares and warrants issued as
part of 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.
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
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/January2020/24/c8515.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 16:00e 24-JAN-20