TORONTO, Dec. 29, 2017 /CNW/ - Orefinders Resources Inc. ("Orefinders" or the "Company") (TSX.V: ORX) is pleased to announce it has received a subscription for a non-brokered flow through private placement of 1,500,000 units, at a price of $0.10 per unit, to raise proceeds of $150,000.
Each unit consists of one common share and one-half of one share purchase warrant, each whole warrant entitling the holder to purchase one additional common share, at $0.12 per share, until December 29, 2019. Additionally, the Company has received subscriptions for a non-brokered hard dollar private placement of 2,477,125 units, at a price of $0.08 per unit, to raise proceeds of $198,170. Each unit consists of one common share and one-half of one share purchase warrant, each whole warrant entitling the holder to purchase one additional common share, at $0.12 per share, until December 29, 2019.
Total aggregate private placement proceeds are $348,170. In connection with the flow-through private placement, the Company paid a finder's fee of $10,500 and issued a finder's warrant entitling the finder to acquire 105,000 shares at $0.12 per share until December 29, 2019. The proceeds from the private placement will be used for working capital purposes and for the advancement of the Mirado and Shining Tree Projects. All the shares, warrants and any shares issued upon exercise of the warrants comprising the units are subject to a hold period until April 28, 2018, except as permitted by applicable Canadian securities laws and the TSX Venture Exchange.
