PowerOre Increases Non-Brokered Private Placement
PowerOre Increases Non-Brokered Private
Placement
TORONTO
,
March 29, 2019
/CNW/ - PowerOre Inc. ("Power Ore" or the "Company") (TSX.V:
PORE) is pleased to announce that it has closed the previously announced (see
February 28, 2019
news release) non-brokered private placement financing in the increased aggregate amount of
$1,006,032
(the "Offering"). This press release replaces and supersedes the Company's
March 26
th
,
2019 press release. Upon closing of the Offering, the Company issued:
(a)
4,733,600 flow-through units (the "Flow-Through Units"), at a price of $0.12 per Unit for gross proceeds of $568,032 where each Flow-Through Unit consists of one common
share and one-half (1/2) 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 $0.16 for a period of 24 months from today's closing; and
(b)
4,380,000 units (the "Hard Dollar Units"), at a price of $0.10 per Unit, for gross proceeds of $438,000, where each Hard Dollar Unit consists of one common share and one-half
(1/2) 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 $0.15 for a
period of 24 months from today's closing.
In accordance with applicable securities laws in
Canada
, the common shares and warrants issued as
part of the Flow-Through Units and the Hard Dollar Units under this private placement 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 private placement, the Company has paid
finders fees of
$36,710.24
in cash together with issuing 331,555 finders warrants exercisable at a
price of
$0.10
each for a period of 24 months from closing.
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/March2019/29/c5841.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 06:25e 29-MAR-19