Explor Resources Inc.
TSX VENTURE : EXS

Explor Resources Inc.

December 23, 2008 16:15 ET

Explor Resources Inc.: Private Placement

ROUYN-NORANDA, CANADA--(Marketwire - Dec. 23, 2008) - Explor Resources Inc. (TSX VENTURE:EXS) is pleased to announce the negotiation of a private placement of CDN$600,000. The private placement will be comprised of 2,842,105 flow-through shares at a price $0.19 per share and 315,790 common shares at a price of $0.19 per share. Each share will be accompanied of one-half (1/2) share purchase warrant valid for a period of 24 months after the closing. Each whole warrant allows the subscriber to purchase one (1) common share of the Company at a price of $0.24 per share.

Canaccord Capital Corporation will receive a commission of 10 % in cash and 315,789 warrants that will be valid for a period of 18 months after the closing. Each warrant allows the subscriber to purchase one (1) common share of the Company at a price of $0.19 per share.

The securities issued pursuant to this private placement will be 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, President
    800-388-8668 or 819-797-4630
    819-797-6050 (FAX)
    or
    Explor Resources Inc.
    Explor Timmins Office
    877-264-1273 or 705-264-1273
    705-264-1717 (FAX)
    www.explorresources.com