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
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
