Infinite Ore Launches Private Placement

Rhea-AI Summary

Infinite Ore Corp. (OTCQB:ARXRF) announced a non-brokered private placement of up to 20 million units at $0.05 per unit, aiming to raise $1 million. Each unit consists of one share and one transferable share purchase warrant, allowing holders to buy an additional share at $0.10 within 24 months. Proceeds will fund exploration in Red Lake, Ontario, and general working capital. The offering is subject to TSX Venture Exchange acceptance. Infinite Ore is focused on acquiring high-potential mineral projects, including properties for VMS and gold mineralization.

Positive

• The private placement could provide $1 million in capital for exploration activities.
• Each unit includes a warrant, which may attract investor interest if share prices increase.

Negative

• The need for a private placement may indicate potential liquidity issues.

VANCOUVER, BC / ACCESSWIRE / September 30, 2020 / Infinite Ore Corp. ("ILI" or the "Company") (TSXV:ILI)(OTCQB:ARXRF) announces that it has arranged a non-brokered private placement of up to 20 million units ("Units") at a price of $0.05 per Unit for aggregate gross proceeds of $1,000,000.00 (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 for used towards exploration activities on the Company's properties (collectively named "Eastern Vision") located in the Red Lake area of Northwestern Ontario 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 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/608431/Infinite-Ore-Launches-Private-Placement

FAQ

What is the purpose of Infinite Ore Corp.'s private placement announced on September 30, 2020?

The private placement aims to raise $1 million for exploration activities in the Red Lake area and general working capital.

What is the price and duration of the warrants issued in the recent private placement by Infinite Ore Corp.?

The warrants are priced at $0.10 per share and can be exercised within 24 months after the closing date.

How much capital does Infinite Ore Corp. aim to raise through its announced private placement?

Infinite Ore Corp. aims to raise $1 million through the private placement of up to 20 million units.

What are the key properties Infinite Ore Corp. is focusing on for exploration?

Infinite Ore Corp. is focused on properties in the Confederation Lake assemblage belt near Red Lake, Ontario, with potential for VMS and gold mineralization.