Explor Closes a First Tranche of a Maximum of $250,000 Private Placement in Common Shares

November 5, 2017

Responsive image

ROUYN-NORANDA, QUEBEC–(Marketwired – Nov. 1, 2017) – Explor Resources Inc. (TSX VENTURE:EXS)(OTCQB:EXSFF)(FRANKFURT:E1H1)(BERLIN:E1H1) (“Explor” or the Corporation) announces the closing of a first tranche of a non-brokered private placement of a maximum of 3,571,500 units at a price of $0.07 each, for total gross proceeds of up to CDN $250,000 (the “Private Placement“). Each unit is composed of one common share and one-half common share purchase warrant. Each whole warrant can be exercised at a price of $0.12 for a period of 24 months. The first tranche of the Private Placement closed today consists in the sale of 2,857,143 units, representing 2,857,143 common shares and 1,428,571 warrants, for an aggregate subscription of $200,000, by a related party to the Corporation, namely, Christian Dupont, director and Chief Executive Officer of the Corporation. After the private placement, assuming the exercise of the warrants included in the units purchased by Christian Dupont, Mr. Dupont would hold, directly or indirectly, or exercise control over approximately 4.3 % of the Corporation issued and outstanding common shares.

Category: General