In a statement Thursday, the junior explorer said the flow-through units priced at $0.07 cents apiece consist of one flow-through common share plus one-half warrant, with each full warrant exercisable into one common share at $0.10 cents for two years.
Power Ore said that in accordance with securities laws in Canada, the common shares and warrants issued as part of the flow-through units will be subject to a four-month and one-day hold period from the date of closing.
In other news, the Toronto-based company announced that it has applied to the TSX Venture Exchange for a three-year extension of the term of 9,486,666 common share purchase warrants consisting of 6,920,000 non-flow through warrants and 2,566,666 flow-through warrants issued as part of a private placement that closed on June 1, 2018.
The non-flow through warrants are exercisable at $0.08 and the flow-through warrants are exercisable at $0.10, with both currently expiring on June 1, 2020. Subject to the approval of the exchange, the terms will be extended to June 1, 2023, for a total term of five years.
The Canadian developer’s flagship asset is the Opemiska Copper Mining Complex project located near the town of Chapais, Quebec within the prolific Chibougamau region. The project consists of two historically producing mines that were previously owned and operated by mining giant Falconbridge, then bought by Swiss firm Xstrata.
Power Ore is reinterpreting this past underground operation as a high-grade open-pit copper project.
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