VANCOUVER, BC / ACCESSWIRE / October 16, 2020 / Infinite Ore Corp. (the "Company") (TSX-V:ILI) (OTCQB:ARXRF) is pleased to announce that, further to its news releases of September 30th and October 8th, 2020, it has closed a private placement of Flow-Through and Non-Flow Through units. The Company issued 29,210,000 units ("Units") at a price of $0.05 per Unit for gross proceeds of $1,460,500 and 7,860,099 flow-through units ("FT Units") at a price of $0.06 per FT Unit for gross proceeds of $471,605.94 (collectively, the "Offering").
Each Unit is comprised of one common share ("Share") and one transferable Share purchase warrant of the Company ("Warrant"). Each FT Unit consists of one flow-through common share and one-half of one Warrant (FT Warrant). Each Warrant and full FT Warrant will entitle the Subscriber to purchase one Common Share of the Company for a 24-month period after the Closing Date at an exercise price of $0.10 per share.
Finders' fees of $96,520 and 1,872,269 broker warrants were paid to arm's length parties. Finder's warrants entitle the Finder to purchase one common share in the company at a price of $0.05 for a period of 24 months from the closing date.
Proceeds raised from the Offering will be used towards ongoing geological work on the Company's Eastern Vision project in the Red Lake area as well as for general working capital.
All securities issued under the Offering are subject to a statutory hold period expiring on February 17, 2021.
The Offering, although conditionally approved by the TSX Venture Exchange (the "TSX-V") is subject to final approval.
About Infinite Ore Corp.
Infinite Ore is a junior mining exploration company focused on seeking and acquiring world-class mineral projects. The company is earning into a large land package with the potential for VMS and gold mineralization in the Confederation Lake assemblage belt near Red Lake, Ont. The company also holds the Jackpot lithium property located near Nipigon, Ont.
ON BEHALF OF THE BOARD
J.C. St-Amour, President
FOR FURTHER INFORMATION, PLEASE CONTACT:
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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 release.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).
SOURCE: Infinite Ore Corp.