ROUYN-NORANDA, CANADA--(Marketwired - Dec. 24, 2013) - Explor Resources Inc. (TSX VENTURE:EXS)(OTCQX:EXSFD)(FRANKFURT:E1H1)(BERLIN:E1H1) ("Explor" or the "Corporation") is pleased to announce that it has closed a non-brokered private placement of Flow-Through Units (the "Private Placement") for a total gross amount of CDN $300,000.
The Private Placement consists of 2,727,272 flow-through units at a price of $0.11 each. Each Flow-Through Unit consists of one (1) common share issued on a flow-through basis and of one half (1/2) common share purchase warrant. Each whole warrant entitles the subscriber to purchase one (1) common share of the Corporation at a price of $0.15 each for a period of 24 months, expiring on December 24, 2015.
Explor will use the proceeds of the Private Placement to incur exploration expenses on its mining properties located in the Province of Québec.
The securities issued pursuant to the Private Placement are subject to a hold period of four months and a day from the date of closing. This Private Placement is subject to the final approval of the TSX Venture Exchange.
Explor Resources Inc. is a publicly listed company trading on the TSX Venture (EXS), on the OTCQX (EXSFD) and on the Frankfurt and Berlin Stock Exchanges (E1H1).
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.