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TORONTO, Dec. 29, 2017 /CNW/ - Orford Mining Corporation ("Orford") (TSX-V: ORM) is pleased to report it has closed its previously announced (see Orford news release dated December 7, 2017) non-brokered private placement financing of 5,240,088 flow-through common shares of the Company ("Flow-Through Shares") at an issue price of $0.45 per Flow-Through Share (the "Issue Price") for gross proceeds of $2,358,040. The proceeds from the issuance of Flow-Through Shares will be used to incur Canadian Exploration Expenses ("CEE"), and will qualify as "flow-through mining expenditures" under the Income Tax Act (Canada)
As previously announced, the closing of the hard dollar units portion of the financing described in Orford's news release of December 7, 2017 is expected to occur in January 2018 and is subject to certain customary conditions, including, but not limited to, the receipt of all necessary regulatory approvals and acceptance of the Toronto Stock Exchange.
The proceeds of the financings will be used by Orford to continue the exploration of the Qiqavik project in Northern Quebec and to explore the company's Carolina projects as well as for general corporate purposes. The Qiqavik project represents a new gold discovery in the Cape Smith Belt of Northern Quebec. Orford is currently completing a program of ground geophysics, trenching and geological mapping on its Carolina projects, Jones-Keystone-Loflin and Landrum-Faulkner.
To view further details about the Qiqavik and Carolina projects please visit Orford's website, www.orfordmining.com.
About Orford Mining Corporation
Orford Mining is a mineral explorer focused on highly prospective and underexplored areas of Northern Quebec and the Carolina Gold Belt in United States. Orford's principal assets are the Qiqavik and West Raglan projects comprising a land package totaling over 70,000 hectares in the Cape Smith Belt of Northern Quebec and properties in the U.S. Carolina Gold Belt. The Qiqavik Project hosts several new high-grade gold discoveries along a mineralized trend in excess of 40 km. Orford's common shares trade on the TSX Venture Exchange under the symbol ORM.
Cautionary Statement Concerning Forward-Looking Statements
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" including without limitation statements relating to completion of the financing, the liquidity and capital resources of Orford and potential of one or more of the Qiqavik, West Raglan, Jones-Keystone Loflin and Landrum-Faulkner exploration properties.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Orford to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could affect the outcome include, among others: future prices and the supply of metals; the results of drilling; inability to raise the money necessary to incur the expenditures required to retain and advance the properties; environmental liabilities (known and unknown); general business, economic, competitive, political and social uncertainties; accidents, labour disputes and other risks of the mining industry; political instability, terrorism, insurrection or war; or delays in obtaining governmental approvals, failure to obtain regulatory or shareholder approvals. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Orford's filings with Canadian securities regulators available on SEDAR at www.sedar.com.
Although Orford has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and Orford disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
The TSXV has neither approved nor disapproved the contents of this news release.
SOURCE Orford Mining Corporation
For further information: David Christie, President and CEO, T: (647) 253-1144, www.orfordmining.com