Finore Mining Announces Letter Agreement for Sale of the LK Project in Finland and Proposed Private Placement

TheNewswire / October 21, 2016 – Finore Mining Inc. (“Finore ” or the “Company “) (CSE:FIN; OTCQX:FNREF ) is pleased to announce that it has signed a letter agreement dated October 17, 2016 (the “LOI “) with Nickel One Resources Inc. (“Nickel One “), a public company listed on the TSX Venture Exchange (the “TSXV “), in connection with the acquisition by Nickel One of all of the issued and outstanding shares of Nortec Minerals Oy, a wholly-owned subsidiary of Finore which holds a 100% interest in the Lantinen Kollismaa Platinum Group Element-Copper project (the “LK Project “) located in north-central Finland (the “Transaction “).
Pursuant to the terms of the LOI, upon closing of the Transaction, Nickel One will issue to Finore 5,000,000 common shares in the Capital of Nickel One and will issue 2,500,000 common share purchase warrants exercisable to acquire additional common shares of Nickel One at a price of $0.12 per share for a period of 24 months from the closing of the Transaction.
In addition, Nickel One has paid the Company $50,000 upon signing the LOI which funds are expected to be applied to a subscription by Nickel One in a future private placement by the Company.
The Company intends to evaluate new business opportunities as part of its ongoing efforts to increase shareholder value. Currently, no transaction is in place and there is no certainty that a new project will be concluded in the future.