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Vancouver, British Columbia--(Newsfile Corp. - December 8, 2021) - Infinite Ore Corp. (TSXV: ILI) (OTCQB: ARXRF) (the "Company") is pleased to announce that, further to its news releases of November 9th and 10th 2021, it has closed Non Flow Through and Flow Through private placements. The Company issued 49,287,200 Non-Flow Through units (the "NFT Units") at a price of $0.06 per NFT Unit for aggregate gross proceeds of $2,957,232 and 6,721,800 Flow Through units (the "FT Units") at a price of $0.085 per FT Unit for aggregate gross proceeds of $570,588.
Each NFT Unit is comprised of one common share (a Share") and one transferable Share purchase warrant (a "Warrant") of the Company. Each Warrant will entitle the holder to purchase one Share (a "Warrant Share") at a price of $0.10 per Warrant Share for a 24 month period after the Closing Date.
Each FT Unit is comprised of one flow through common share ("FT Share") and one transferable Non-Flow Through Share purchase warrant (a "Warrant") of the Company. Each Warrant will entitle the holder to purchase one Share (a "Warrant Share") at a price of $0.11 per Warrant Share for a 24 month period after the Closing Date.
Finders' fees of $47,874.80 were paid to arm's length parties.
Proceeds raised from the Offering will be used towards exploration activities on the Company's Jackpot Lithium project and for general working capital and unallocated funds as per Tier 2 status requirements.
All securities issued under the offering are subject to a statutory hold period expiring on April 9th, 2022.
The financings, although conditionally approved by the TSX Venture Exchange (TSXV), are 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:
Toll Free: +1-888-945-4770
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).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/107121