Infinite Ore Increases Private Placement

Rhea-AI Summary

Infinite Ore Corp. (OTCQB:ARXRF) announced a non-brokered private placement of 25 million units at $0.085 each, totaling $2,125,000. Each unit includes a common or flow-through share and a warrant, allowing purchase of a share at $0.11 within 24 months. Proceeds will fund exploration on the Jackpot Lithium project and general working capital. The offering is subject to TSX Venture Exchange approval. Infinite Ore focuses on acquiring and exploring mineral projects, particularly the Jackpot lithium property in Ontario.

Positive

• Successful arrangement of a $2,125,000 private placement to support exploration.
• Share purchase warrants allow for potential future capital raise at favorable terms.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / November 10, 2021 / Infinite Ore Corp. (the "Company") (TSXV:ILI)(OTCQB:ARXRF) announces that it has arranged an additional non-brokered private placement of 25 million units and flow-through units ("Units") at a price of $0.085 per Unit for aggregate gross proceeds of $2,125,000.00 (the "Offering"). Each Unit will be comprised of one common share ("Share") or Flow-through share (Flow-through shares") and one transferable Share purchase warrant of the Company ("Warrant"). Each Warrant will entitle the Subscriber to purchase one Warrant Share for a 24-month period after the Closing Date at an exercise price of $0.11 per share. 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.

Finders' fees may be payable on the private placement, subject to the policies of the TSX Venture Exchange.

These offerings are subject to TSX Venture Exchange acceptance.

About Infinite Ore Corp.

Infinite Ore is a junior mining exploration company focused on seeking and acquiring world-class mineral projects. The company is focused on the exploration and development of its 100% owned Jackpot lithium property located near Nipigon, Ont.

ON BEHALF OF THE BOARD
"J.C. St-Amour"
J.C. St-Amour, President

FOR FURTHER INFORMATION, PLEASE CONTACT:
Telephone: 1-604-683-3995
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).

SOURCE: Infinite Ore Corp.

View source version on accesswire.com:
https://www.accesswire.com/672230/Infinite-Ore-Increases-Private-Placement

FAQ

What is the purpose of Infinite Ore Corp.'s recent $2,125,000 private placement?

The funds will be used for exploration of the Jackpot Lithium project and general working capital.

What are the terms of the new units offered by Infinite Ore Corp. in the private placement?

Each unit is priced at $0.085 and includes one share and one warrant, which allows purchasing a share at $0.11 for 24 months.

When was the private placement announced by Infinite Ore Corp.?

The private placement was announced on November 10, 2021.

What is the ticker symbol for Infinite Ore Corp. on the OTCQB?

The ticker symbol for Infinite Ore Corp. on the OTCQB is ARXRF.

What are the conditions for the private placement announced by Infinite Ore Corp.?

The offering is subject to acceptance by the TSX Venture Exchange.