TORONTO, Aug. 25, 2020 /CNW/ - Power Ore Inc. ("Power
Ore" or the "Company") (TSX.V: PORE) is pleased to announce that it
has closed the non-brokered private placement as announced on
August 21, 2020 for aggregate
proceeds of $985,000 (the
"Offering"). The private placement was oversubscribed from the
original offering. Upon closing of the Offering, the Company
issued:
- 5,184,333 Flow-Through Units ("FT Units") at a price of
$0.09 per unit for gross proceeds of
$466,589.98, 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 $0.14 for a period of 24
months from the date of issuance.
- 6,912,134 Non Flow-Through Units ("NFT Units") at a price of
$0.075 per unit for gross proceeds of
$518,410.02, 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
$0.14 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 and 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.
In consideration for introducing certain subscribers to the
Offering, the Company has paid certain arm's length finders an
aggregate of $24,191.30 in cash and
271,125 finder's warrants. Each finder's warrant entitles the
holder, on exercise thereof, to purchase one common share at a
price of $0.09 for the portion
attributed to the FT Units and $0.075
for the portion attributed to the NFT Units, for a period of 24
months.
Power Ore also announces that in accordance with the Company's
Stock Option Plan, a total of 2.8 million incentive options have
been granted to officers, directors and consultants, all of whom
have assisted in creating value for our shareholders to date. The
option's exercise price is $.08 per
share and they are exercisable for a period of five years from the
date of issue.
About the Opemiska Copper 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 12,782 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
Neither 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
