Corporation Exploration Iledor
TSX VENTURE : ILE

Corporation Exploration Iledor

May 08, 2013 09:30 ET

Update on Iledor's Private Placement

VAL-D'OR, QUÉBEC--(Marketwired - May 8, 2013) - CORPORATION EXPLORATION ILEDOR (« ILEDOR » OR THE « CORPORATION ») (TSX VENTURE:ILE) announces that it still intend to proceed with a non-brokered hard cash and flow-through private placement for an aggregate gross proceed of a minimum of $400,000 and a maximum of $650,000 ("Placement"), as announced by press release on February 21, 2013.

The proceed of the Placement will be mainly used for the advancement of the projects of the Corporation on its properties, including the gold property of Tiblemont and, once the conditions for their acquisition will be completed, the chromium and platinum properties of Coleraine and Sterret, as well as for its general cash flow.

"The Corporation's projects are productive. This financing will allow to advance them so that shareholders will reap the benefit of the quality of our properties and see the return they deserve" said Bertrand Brassard, President and Chief Executive Officer of the Corporation.

The hard cash portion of a minimum of $200,000 and a maximum of $325,000, provides for the issuance of hard cash units at a subscription price of $1,000 each ("Hard Cash Unis"). Each Hard Cash Units includes 10,000 Common Shares at a price of $0.10 each and 10,000 warrants ("Warrants"). Each Warrant will enable the holder thereof the right to acquire, for a period of 18 months from the issuance of the Warrant, one Common Share at a price of $0.20 per Common Share.

The flow-through portion of a minimum of $200,000 and a maximum of $325,000, provides for the issuance of flow-through units at a subscription price of $1,080 each ("Flow-Through Unis"). Each Flow-Through Units includes 6,000 flow-through class "A" shares in the capital stock of the Corporation ("Common Shares") at a price of $0.18 each.

Moreover, the Corporation intends to grant, if need be, to any agent of the financing, as finder's fees, a cash commission equivalent to a maximum of 7% of the subscription amount received through it as well as un number of agent's warrants ("Agent's Warrants") equivalent to a maximum of 6% of the number of Common Shares included in the Flow-Through Units and the Hard Cash Units which will be subscribed through it. Each Agent's Warrant will enable the holder thereof the right to acquire, for a period of 18 months from the issuance of the Agent's Warrant, one Common Share at the price of the Common Shares included in said units, namely at a price of $0.10 or $0.18 per Common Share, as the case may be.

Each Flow-Through Units, Hard Cash Units, Warrants, Agent's Warrants and Common shares issued in the scope of the Placement will be subject to a mandatory holding period of four (4) months and one (1) day.

The Placement is subject to the approval of the TSX Venture Exchange and other regulatory approvals.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Statements made in this news release that are not historical facts are "forward-looking statements" and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking" statement.

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