Infinite Ore Increases Private Placement to $1.5M

Rhea-AI Summary

VANCOUVER, BC / ACCESSWIRE / October 8, 2020: Infinite Ore Corp. (OTCQB:ARXRF) is increasing its private placement from 20,000,000 to 23,000,000 units at $0.05 each, raising $1,150,000. Additionally, it aims to raise $350,100 through 5,835,000 flow-through units at $0.06 each. Each unit comprises one common share and one warrant, while flow-through units consist of one flow-through share and half a warrant. Proceeds will fund geological work on the Eastern Vision project and general working capital. Closing is expected on or about October 15, 2020, pending TSX Venture approval.

Positive

• Increased private placement size from 20 million to 23 million units, raising a total of $1,150,000.
• Additional private placement of 5,835,000 flow-through units could bring in $350,100.
• Proceeds will support ongoing geological work on the Eastern Vision project.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / October 8, 2020 / Infinite Ore Corp. (the "Company") (TSXV:ILI)(OTCQB:ARXRF) is pleased to announce that it is increasing the size of its previously announced private placement (see PR dated September 30, 2020). Due to increased demand, the private placement financing will be increased from 20,000,000 units ("Units") to 23,000,000 Units at a price of $0.05 per Unit for gross proceeds of $1,150,000. In addition, the company will complete a private placement of up to 5,835,000 flow-through units ("FT Units") at a price of $0.06 per FT Unit for gross proceeds of $350,100 (collectively, the "Offering"). This private placement is subject to TSX Venture approval.

Each Unit will be comprised of one common share ("Share") and one transferable Share purchase warrant of the Company ("Warrant"). Each FT Unit will consist of one flow-through common share and one-half of one Warrant (FT Warrant). Each full Warrant and full FT Warrant will entitle the Subscriber to purchase one Share for a period of 24-month period after the Closing Date at an exercise price of $0.10 per share.

Proceeds raised from the Offering will be used towards ongoing geological work on the Company's Eastern Vision project in the Red Lake area as well as for general working capital. The Offering is expected to close on or about October 15^th, 2020 and is subject to receipt of acceptance by the TSX Venture Exchange (the "TSX-V"). Finder's fees may be payable in connection with the Offerings, in accordance with the policies of the TSX-V.

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"
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/609700/Infinite-Ore-Increases-Private-Placement-to-15M

FAQ

What is the stock symbol for Infinite Ore Corp.?

The stock symbol for Infinite Ore Corp. is ARXRF.

How much is Infinite Ore Corp. raising through its private placement?

Infinite Ore Corp. is raising a total of $1,150,000 through the private placement.

When is the closing date for Infinite Ore Corp.'s private placement?

The closing date for Infinite Ore Corp.'s private placement is expected on or about October 15, 2020.

What projects will the proceeds from the private placement fund?

The proceeds from the private placement will fund ongoing geological work on the Eastern Vision project and general working capital.