Explor Resources Inc.

Explor Resources Inc.

November 13, 2007 09:24 ET

Explor Resources Completes CDN $2,225,000 Financing

ROUYN-NORANDA, CANADA--(Marketwire - Nov. 13, 2007) - Explor Resources Inc. ("Explor) (TSX VENTURE:EXS) is pleased to announce the closing of a private placement of CDN $2,225,000.

The private placement was marketed on a best efforts agency basis by Union Securities Ltd. to investors who purchased 2,978,500 "Flow-Through" Units of Explor at a price of $0.35 each and 3,378,643 non-flow-through Units at a price of $0.35 each. Each Flow-Through Unit is comprised of one flow-through common share of Explor with one half of a warrant and each Unit is comprised of one common share of Explor with one warrant. Each whole warrant entitles the holder to purchase one common share of Explor at $0.50 for a 24-month period expiring November 8, 2009.

As consideration for its services, Union Securities Ltd. was granted compensation options which entitle it to purchase up to 635,714 Units of Explor at $0.35 per Unit until November 8, 2009. Explor also paid $178,000 in fees to Union Securities Ltd. for acting as agent.

The securities issued pursuant to this private placement are subject to a hold period of four months expiring March 9, 2008.

Net proceeds from the Flow-Through Units will be used by Explor to incur exploration expenses on its mining properties located in Ontario and Quebec.

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, 450,000,000 tonnes of base metal ore over the last 100 years. The Company is headquartered in Quebec and was incorporated in Alberta in 1986.

Explor Resources Inc. is a publicly listed company trading on the TSX Venture Exchange (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

  • Christian Dupont
    800-388-8668 or 819-797-4630
    Buick Group Investor Relations
    Carol Kim, Account Manager
    416-905-0915 Ext: 304