Power Ore To Sell Its Mann Mine to Rider Investment Capital for $1.25 Million
Power Ore To Sell Its Mann Mine to Rider
Investment Capital for $1.25 Million
TORONTO
,
Feb. 25, 2020
/CNW/ -
Power Ore Inc. ("Power Ore" or the "Company") (TSX.V: PORE)
is pleased to announce that has entered into an agreement to sell its Mann Mine to Rider Investment
Capital Corporation ("Rider") (TSX.V: RDR.P), a Capital Pool Company listed on the TSX Venture
Exchange.
In exchange for Power Ore's 100% interest in the Mann Mine it will receive 17,857,143 shares of
Rider at an impiled
$1.25 million
valuation. The sale is an arm's length transaction and a part of and
conditional upon Rider's Qualifying Transaction for Rider's full listing on the TSX Venture Exchange.
As a part of the Qualifying Transaction, Rider will complete a concurrent financing.
About the Mann Mine
The Mann silver-cobalt mine property is located in the Milner township, in
Ontario
. The property
covers 867 hectares, and is located west of
Cobalt, Ontario
, within the renowned Temiskaming silver
area. The property contains 9 historic shafts and a ramp driven to the 210-foot level.
For information and updates on Power Ore, please visit:
www.powerore.com
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/February2020/25/c7190.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 09:00e 25-FEB-20