Infinite Ore Launches Private Placement

Rhea-AI Summary

Infinite Ore Corp. has announced a non-brokered private placement, issuing 50 million units at $0.06 each, aiming for gross proceeds of $3 million. Each unit consists of one common share and one transferable share purchase warrant, allowing holders to purchase additional shares at $0.10 within 24 months. Funds from this offering will be allocated to exploration activities at the Jackpot Lithium project and for working capital. The offering awaits TSX Venture Exchange approval, and finder’s fees may apply.

Positive

• Successfully arranging a private placement of 50 million units at $0.06 each, potentially raising $3 million.
• Funds will support exploration at the Jackpot Lithium project, indicating growth and development potential.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / November 9, 2021 / Infinite Ore Corp. (the "Company") (TSXV:ILI)(OTCQB:ARXRF) announces that it has arranged a non-brokered private placement of 50 million units ("Units") at a price of $0.06 per Unit for aggregate gross proceeds of $3,000,000.00 (the "Offering"). Each Unit will be comprised of one common share ("Share") 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 $0.10 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/671825/Infinite-Ore-Launches-Private-Placement

FAQ

What is the purpose of Infinite Ore Corp.'s private placement?

The private placement aims to raise funds for exploration activities at the Jackpot Lithium project and for general working capital.

What are the details of the private placement announced by Infinite Ore Corp.?

The placement involves 50 million units priced at $0.06 each, aiming for gross proceeds of $3 million.

What is the exercise price for the warrants in the Infinite Ore Corp. offering?

The exercise price for the warrants is set at $0.10 per share, valid for 24 months after the closing date.

Is the private placement subject to any conditions?

Yes, the offering is subject to acceptance by the TSX Venture Exchange.

What is Infinite Ore Corp.'s focus in the mining sector?

Infinite Ore Corp. is focused on acquiring and developing world-class mineral projects, specifically the Jackpot Lithium property.