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Explorex Resources updates subscriber guidance on previously announced financing

The financing consists of 2 million flow through units at $0.32 each and 2 million non-flow through units at $0.25 each

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Canadian dollars

Explorex Resources Inc (CSE:EX) posted more details on the previously announced financing, which sees the resource group issue up to 4 million units.

They consist of 2 million flow-through units at $0.32 each and 2 million non-flow through units at $0.25 each.

Each FT (flow through) and NFT (non-flow through) unit consists of one company share and one half of a share purchase warrant.

READ: Explorex Resources signs deal for cobalt, nickel and copper deposit in Finland

Each full warrant of either unit can be exercised to buy one share at $0.50 for two years from closing.

There are conditions attached to the financing.

Subscribers must be an Explorex shareholder on the record date and still be shareholders; they must be purchasing the units as a principal, namely for their own account and not for any other party, and may not purchase more than $15,000 value of securities from Explorex in any 12 month period.

In the event that a subscriber wants to purchase more than $15,000, they may do so provided they have first received 'suitability advice' from a registered investment dealer, the company added.

The minimum subscription amount is $2,500.

When the financing was announced on November 5, the firm said funds received from the flow through component would be used for the forthcoming drill program at Kagoot Brook and for exploration at the group's other Canadian projects.

Funds from the non-flow through component will be directed at general operating overhead and towards expanding the firm's international endeavors.

Yesterday, Explorex said it had struck an amended letter of intent with three private Finnish companies to acquire the Hautalampi project, which lies in the Outokumpu Mining Camp of eastern Finland, owned by Vulcan Hautalampi Oy.

Hautalampi is a cobalt enriched nickel-copper sulphide deposit that was a focus of pre-production development in the mid-1980s and extensive engineering supporting a feasibility study in 2009.

Contact Giles Gwinnett at [email protected]

Follow Giles on Twitter @Gile74

Quick facts: Explorex Resources Inc.

Price: 0.185 CAD

CSE:EX
Market: CSE
Market Cap: $4.21 m
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