Explorex Announces Closing of Private Placement
Vancouver, December 19, 2018 - Explorex Resources Inc. (CSE: EX) (the "Company" or "Explorex") is pleased to announce that it has closed the second and final tranche of its previously announced private placement financing (the "Financing"). The Company has issued a total 1,140,500 Non-Flow Through (the "NFT units") for a total of $285,125 (of which $151,250 was for the settlement of debt). The NFT units were offered at a price of $0.25.
The Company has further completed its Flow Through Unit (the "FT Units") offering consisting of 335,000 Units for an aggregate total of $107,200. The FT Units were offered at a price of $0.32.
Each Unit consisted of one common share in the Company and one half of a share purchase warrant. Each full warrant is exercisable to purchase one additional common share at $0.50 for two years from the date of issuance. In total the company issued 737,500 share purchase warrants.
In connection with the closing of the second tranche of the Financing, the Company has no finders fees payable.
The funds received for the FT Units will be applied to the drill program at Kagoot Brook and towards exploration for its other Canadian projects.
The funds received from the NFT component of the offering will be used for general corporate purposes.
About Explorex Resources Inc.
Explorex is an exploration company focusing on Cobalt and metals critical to rechargeable battery technology with the support of a strong strategic partner and end user. Explorex has a developing portfolio of multi-stage projects including an LOI to acquire the Hautalampi Co-Cu-Ni deposit in Finland, is earning a 75% interest in the Kagoot Brook project in New Brunswick and has 100% interest in the early stage Handlebar Co-Cu-Ni Project northeast of Kamloops BC.
On behalf of the Board,
Gary Schellenberg, CEO
For further information, please contact Gary Schellenberg - CEO or Mike Sieb - President; phone 604.681.0221 or Ron Birch at bircress@shaw.ca; phone 1-800-910-7711
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company. Readers are cautioned not to place undue reliance on forward looking statements.