Explor Resources Inc.

Explor Resources Inc.

November 13, 2013 16:32 ET

Explor Announces Consolidation of Common Shares and Delay of Rights Offering

ROUYN-NORANDA, CANADA--(Marketwired - Nov. 13, 2013) - Explor Resources Inc. ("Explor" or the "Corporation") (TSX VENTURE:EXS)(OTCQX:EXSFF)(FRANKFURT:E1H)(BERLIN:E1H) announces that it has filed Articles of Amendment to consolidate its common shares on a 5 old for 1 new basis. The Corporation will not be proceeding with the name change. Subject to the TSX-V issuing a Bulletin, the common shares will begin trading on a post consolidated basis commencing on November 14, 2013. The common shares will continue to trade under the same trading symbol "EXS" but with a different CUSIP/ISIN: # CA 30215D2086.

On September 17, 2013, the Corporation announced its intention to provide existing shareholders a right to purchase up to 204,832,468 pre-consolidation common shares at an issue price of $0.05 per pre-consolidation common share pursuant to a rights offering ("Rights Offering") which if fully subscribed would result in the gross proceeds of $10,241,623. The Corporation intends to delay granting the right until after the post-consolidation common shares of the Corporation have traded for several days in order to establish a market price. It is expected that the number of common shares comprising the right will be altered to permit the Corporation to raise the same amount of funds on a post consolidated basis. Post the five old for one new consolidation, Explor has 40,966,494 common shares outstanding, 3,740,000 common shares reserved for issuance of common share upon exercise of stock options and 8,930,748 common shares reserved for issuance of common shares upon exercise of warrants.

Explor Resources Inc. is a publicly listed company trading on the TSX Venture (EXS), on the OTCQX (EXSFF) and on the Frankfurt and Berlin Stock Exchanges (E1H).

This Press Release was prepared by Explor. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.

About Explor Resources Inc.

Explor Resources Inc. is a Canadian-based natural resources company with mineral holdings in Ontario, Québec, Saskatchewan and New Brunswick. Explor is currently focused on exploration in the Abitibi Greenstone Belt. The belt is found in both provinces of Ontario and Québec with approximately 33% in Ontario and 67% in Québec. 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.

This document may contain forward-looking statements relating to Explor's operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Explor's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filling. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Explor disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

Contact Information

  • Christian Dupont, President
    888-997-4630 or 819-797-4630
    819-797-6050 (FAX)

    Investor Relations:
    Gary Lindsey, United States: Ph: 1-720-273-6224
    Jay Bedard, Canada: Ph: 1-416-977-7778
    Michael Adams, Europe: info@star-ir.com