VAL-D'OR, QC, July 7 /CNW Telbec/ - X-Ore Resources Inc. (TSXV - XOR)
reports that it has closed the second tranche of the previously announced
CA $300,000 private placement involving accredited and institutional
investors. The financing provides for the issuance of a total of 4.27 million
Units at $0.07 for a total gross proceeds of $299,200. Each Unit comprises one
common share plus one-half common share purchase warrant, each full warrant
exercisable at $0.10 for a period of 24 months.
The securities issued under the above private placements are subject to a
four month resale restriction from each respective date of closing, as well as
Proceeds of the financing will be used to advance exploration on the
Company's mineral properties in Mexico and Canada and for general working
About X-Ore Resources Inc.
X-Ore Resources is a mineral exploration company with 18 properties
located in known gold regions of Mexico and Canada, including the prolific
Sierra Madre Gold Belt and the Val-d'Or region of Quebec.
The TSX Venture Exchange does not accept responsibility for the accuracy
of this press release. This press release contains "forward-looking
statements" not based on historical facts. Forward-looking statements express,
as of the date of this press release, our estimates, forecast, projections,
expectations and opinions as to future events or results. Forward-looking
statements herein expressed are reasonable, but involve a number of risks and
uncertainties, and there can be no assurance that such statements will prove
to be accurate. Therefore, actual results and future events could differ
materially from those anticipated in such statements. Factors that could cause
results or events to differ materially from current expectations expressed or
implied by the forward-looking statements include, but are not limited to,
fluctuations in the market price of precious metals, mining industry risks,
uncertainty as to calculation of mineral resources and requirements of
additional financing and the capacity of the Company to obtain financing.
For further information:
For further information: www.x-ore.com or: Mr. Léon Méthot, President
and CEO, (819) 824-5422; Mr. Paul Goulet, Investor Relations, (514) 710-8290,