TORONTO, Feb. 28, 2019 /CNW/ - Power Ore Inc. ("Power Ore" or the "Company") (TSX.V: PORE) is pleased to announce the commencement of an up to $1,000,000 non-brokered financing. The net proceeds of this financing will be used towards the first phase of the Company's drill campaign and for development of the Opemiska Copper Complex project as well as for general working capital. The terms of the financing are as follows:
- Hard Dollar Units are 10 cents and include a common share plus one half warrant exercisable at 15 cents for 2 years.
- Flow Through Units are 12 cents and include a common share plus one half warrant exercisable at 16 cents for 2 years.
Subscription agreements are available upon request. The financing is only available to accredited investors.
Completion of the Financing remains subject to the approval of the TSX Venture Exchange. The financing may include any combination of Hard Dollar Units and Flow Through Units. All securities issued pursuant to the Financing will be subject to a statutory four month hold period.
About Opemiska Copper Mine 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 project consists of 11 mining claims and covers the past producing Springer & Perry 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.
Opemiska was mined by Falconbridge as a high-grade underground mining operation, and was in production for over 35 years prior to Ex-In acquiring the property in 1993.
For information and updates on Power Ore, please visit: www.powerore.com
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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
For further information: To speak to the Company directly, please contact: Stephen Stewart, Chief Executive Officer, Phone: 416.644.1571, Email: [email protected], www.powerore.com