Power Ore Closes Non-Brokered Private Placement

TORONTO, March 26, 2019 /CNW/ - PowerOre Inc. ("Power Ore" or the "Company") (TSX.V: PORE) is pleased to announce that it has closed the non-brokered private placement previously announced on February 28, 2019 for aggregate proceeds of $986,036 (the "Offering"). Upon closing of the Offering, the Company issued:

(a) 4,650,300 flow-through units (the "Flow-Through Units"), at a price of $0.12 per Flow-Through Unit for gross proceeds of $558,036, where each Flow-Through 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 $0.16 for a period of 24 months from the date of issuance; and

(b) 4,280,000 units (the "Hard Dollar Units"), at a price of $0.10 per Hard Dollar Unit, for gross proceeds of $428,000, 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 $0.15 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.

In consideration for introducing certain subscribers to the Offering, the Company has paid certain arm's length finders an aggregate of $39,230 in cash and 352,585 finder's warrants. Each finder's warrant entitles the holder, on exercise thereof, to purchase one common share at a price of $0.10 for a period of 24 months.

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.

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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SOURCE Power Ore

For further information: To speak to the Company directly, please contact: Stephen Stewart, Chief Executive Officer, Phone: [phone], Email: [email protected], www.powerore.com