TORONTO, Dec. 29, 2017 /CNW/ - Orford Mining Corporation ("Orford") (TSX-V: ORM) is pleased to report it has closed its previously announced (see Orford news release dated December 7, 2017) non-brokered private placement financing of 5,240,088 flow-through common shares of the Company ("Flow-Through Shares") at an issue price of $0.45 per Flow-Through Share (the "Issue Price") for gross proceeds of $2,358,040. The proceeds from the issuance of Flow-Through Shares will be used to incur Canadian Exploration Expenses ("CEE"), and will qualify as "flow-through mining expenditures" under the Income Tax Act (Canada)
As previously announced, the closing of the hard dollar units portion of the financing described in Orford's news release of December 7, 2017 is expected to occur in January 2018 and is subject to certain customary conditions, including, but not limited to, the receipt of all necessary regulatory approvals and acceptance of the Toronto Stock Exchange.
The proceeds of the financings will be used by Orford to continue the exploration of the Qiqavik project in Northern Quebec and to explore the company's Carolina projects as well as for general corporate purposes. The Qiqavik project represents a new gold discovery in the Cape Smith Belt of Northern Quebec. Orford is currently completing a program of ground geophysics, trenching and geological mapping on its Carolina projects, Jones-Keystone-Loflin and Landrum-Faulkner.
To view further details about the Qiqavik and Carolina projects please visit Orford's website, www.orfordmining.com.
About Orford Mining Corporation
Orford Mining is a mineral explorer focused on highly prospective and underexplored areas of Northern Quebec and the Carolina Gold Belt in United States. Orford's principal assets are the Qiqavik and West Raglan projects comprising a land package totaling over 70,000 hectares in the Cape Smith Belt of Northern Quebec and properties in the U.S. Carolina Gold Belt. The Qiqavik Project hosts several new high-grade gold discoveries along a mineralized trend in excess of 40 km. Orford's common shares trade on the TSX Venture Exchange under the symbol ORM.
