logo-loader
viewRaffles Financial Group Limited

Explorex Resources becomes Raffles Financial Group after closing acquisition and mineral assets spin-out

Explorex has spun out its mineral assets plus C$500,000 in cash to Origen Resources Inc, which plans to go public on the Canadian Securities Exchange

Explorex Resources Inc. -
Raffles also completed a private placement raising C$20 million

Explorex Resources Inc (CSE:EX) (OTCMKTS:EXPXF) revealed that it has closed the deal to acquire Singapore-based financial services company Raffles Financial Pte Ltd.

The Vancouver-based said it will now be known as Raffles Financial Group Limited after its mineral assets plus C$500,000 in cash were spun out to Origen Resources Inc, which plans to go public on the Canadian Securities Exchange shortly.

Explorex’s main assets included cobalt projects in Finland and several Canadian jurisdictions with historic production. Shareholders will hold one Origen share for every two shares held in Explorex, whose CEO, Gary Schellenberg, will helm Origen.

READ: Explorex wins shareholder approval for Raffles acquisition; corporate move to the Cayman Islands

"The transaction has provided the existing shareholders with two distinct avenues to benefit from their initial holdings,” Schellenberg said in a statement. “For our part we, the management of Origen, have significant plans to move the company forward and will endeavour to continue rewarding the shareholders as our plans are enacted."

Origen recently raised C$200,500 via a private placement, selling 1.1 million units priced at C$0.18 each which comprised one share plus one warrant exercisable at C$0.22 for a two-year period. Its board will comprise Schellenberg, Mike Sieb, William Wishart, James Mustard and Jerry Bella.

Following a move to the Cayman Islands and a share consolidation on a 25.94-to-1 basis, Raffles now has 1.05 million shares outstanding. As part of the process, 45 million Raffles Financial Group shares were issued to the shareholders of Raffles to acquire Raffles, so that Raffles will be a wholly-owned subsidiary of RFG. The board of Raffles consists of chairman Charlie In, Victor Liu, Abigail Zhang, Kit Chan, Mike Zhou, Lily Ren and David Anthony Bruzzisi.

"We are delighted to be listed on CSE and believe this will strengthen the Raffles Financial Group's capital, shareholder base, business expansion and profit growth,” Raffles chair Charlie In said in today's statement.

Raffles also completed a private placement raising C$20 million by way of the sale of 4 million shares priced at C$5 per share.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Raffles Financial Group Limited

Price: 5.25 CAD

CSE:RICH
Market: CSE
Market Cap: $262.92 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Raffles Financial Group Limited named herein, including the promotion by the Company of Raffles Financial Group Limited in any Content on the...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

BioLargo completes prototype for PFAS treatment system, ready for pilot testing

BioLargo (OTCQB: BLGO) CEO Dennis Calvert Calvert joined Steve Darling from Proactive with news the company has completed manufacturing on its first prototype unit of their patented BioLargo AEC to tackle PFAS contamination. Calvert told Proactive the next step and he also told investors...

4 hours, 1 minute ago

2 min read