Explor Resources Inc.

Explor Resources Inc.

December 21, 2007 16:29 ET

Explor Resources Inc.: Private Placement

ROUYN-NORANDA, QUEBEC--(Marketwire - Dec. 21, 2007) - Explor Resources Inc. (TSX VENTURE:EXS) is pleased to announce the closing of a private placement of $400,000 CDN. The private placement is comprised of 1,142,837 flow-through shares at $0.35 per share. Each flow-through share is accompanied of one-half (1/2) share purchase warrant valid until December 21, 2009. Each whole warrant allows the subscriber to purchase one (1) common share of the Company at a price of $0.50 per share.

Canaccord Capital Corporation will receive a commission of $32,000 in cash and 114,286 warrants that are valid until December 21, 2008. Each warrant allows the subscriber to purchase one (1) common share of the Company at a price of $0.35 per share.

The securities issued pursuant to this private placement are subject to a hold period of four months from closing and this private placement is subject to the approval of the regulatory authorities.

About Explor Resources Inc.

Explor Resources Inc. is a Canadian-based natural resources company with mineral holdings in Ontario, Quebec and Saskatchewan. Explor is currently focused on exploration in the Abitibi Greenstone Belt. The belt is found in both provinces of Ontario and Quebec with approximately 33% in Ontario and 67% in Quebec. The Belt has produced in excess of 180,000,000 ounces of gold and 450,000,000 tonnes of cu-zn ore over the last 100 years. The Company is headquartered in Quebec and was incorporated in Alberta in 1986.

Explor Resources Inc. is a public listed company trading on the TSX Venture (EXS).

This press release was prepared by Explor Resources Inc.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Explor Resources Inc.
    Christian Dupont
    800-388-8668 or 819-797-4630
    Buick Group Investor Relations
    Carol Kim
    Account Manager
    877-748-0914 or 416-915-0915 Ext: 304