Explor Closes a Private Placement of $750,000
ROUYN-NORANDA, CANADA -- (Marketwired) -- 06/13/13 -- Explor Resources Inc. (TSX VENTURE: EXS)(OTCQX: EXSFF)(FRANKFURT: E1H) ("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 $750,000.
The Private Placement consists of 15,000,000 flow-through units at a price of $0.05 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 $0.10 each for a period of 12 months, expiring on June 13, 2014.
In connection with the Private Placement, the Corporation paid a finder's cash commission equal to 9% of the gross proceeds from the sale of the Flow-Through Units and granted Finder's Warrants entitling it to purchase that number of Common Shares of the Corporation equal to 4% of the aggregate number of Flow-Through Units issued and sold under the Private Placement at a price of $0.10 per Common Share at any time on or prior to June 13, 2014.
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 (EXSFF) and on the Frankfurt and Berlin Stock Exchanges (E1H).
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.
Contacts:
Christian Dupont, President
888-997-4630 or 819-797-4630
819-797-6050 (FAX)
http://www.explorresources.com/
Investor Relations:
Gary Lindsey, United States: 1-720-273-6224
Jay Bedard, Canada: 1-416-977-7778
Michael Adams, Europe : info@star-ir.com
