Explor Resources Inc.

Explor Resources Inc.

February 20, 2009 15:56 ET

Explor Resources Inc.: Private Placement

ROUYN-NORANDA, QUEBEC--(Marketwire - Feb. 20, 2009) - EXPLOR RESOURCES INC. ("Explor" or the "Company") (TSX VENTURE:EXS) is pleased to announce that it has closed a non-brokered private placement (the "Private Placement") of CDN$999,989, which amount represents the aggregate gross proceeds from the sale of: (i) 3,492,100 units of Explor issued on a non flow-through basis (the "Units") sold at a price of $0.19 per Unit, where each Unit is comprised of one common share in the capital of the Company (a "Common Share") and one common share purchase warrant (a "Warrant"), and (ii) 1,771,000 units of Explor issued on a flow-through basis (the "Flow-Through Units") sold at a price of $0.19 per Flow-Through Unit, where each Flow-Through Unit is comprised of one flow-through Common Share (a "Flow Through Common Share") and one-half of one (1/2) Warrant. Each whole Warrant comprised within the Units or Flow-Through Units entitles the subscriber to purchase one additional non flow-through Common Share at a price of $0.24 per Common Share for a period of 24 months from the date of closing.

The Company engaged agents to act as finders ("Finders") to source subscribers for the Units and Flow-Through Units offered for sale under the Private Placement. Finder's received (i) a cash commission of 10% based on the total amount of proceeds received from the sale of Units and Flow-Through Units, and (ii) compensation options equal to 10% of the aggregate number of Units and Flow-Through Units sold under the Private Placement as a result of the efforts of the Finder.

The securities issued pursuant to this Private Placement will be subject to a hold period of four months and a day from the date of closing. This placement is subject to the approval of the TSX Venture Exchange.

Explor invites its investors to visit our booth #2122 at the Investor Exchange of the PDAC 2009 located in the south building of the Metro Toronto Convention Center from March 01 to March 04, 2009.

About Explor Resources Inc.

Explor Resources Inc. is a Canadian-based natural resources company with mineral holdings in Ontario, Quebec, 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 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 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 filings. 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.

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
    819-797-6050 (FAX)
    Explor Timmins Office
    877-264-1273 or 705-264-1273
    705-264-1717 (FAX)