Power Ore Closes Non-Brokered Private Placement
Power Ore Closes Non-Brokered Private
Placement
TORONTO
,
May 20, 2020
/CNW/ - Power Ore Inc. ("Power Ore" or the "Company") (TSX.V: PORE)
is pleased to announce that it has closed a non-brokered flow-through ("FT") private placement for
aggregate proceeds of
$300,000
(the "Offering"). Upon closing of the Offering, the Company issued:
4,285,715 FT units, at a price of
$0.07
per FT Unit for gross proceeds of
$300,000
, where each
FT 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.
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.
In consideration for introducing certain subscribers to the Offering, the Company has paid certain
arm's length finders an aggregate of
$7,000
in cash and 100,000 finder's warrants. Each finder's
warrant entitles the holder, on exercise thereof, to purchase one common share at a price of
$0.07
for a period of 24 months.
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. 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
.
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.
SOURCE
Power Ore
View original content:
http://www.newswire.ca/en/releases/archive/May2020/20/c1331.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 20-MAY-20