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Orefinders Resources Inc. (“Orefinders” or the “Company”) (TSX.V: ORX) is pleased to provide an updated on its spin off company Power Ore Inc. (“Power Ore”), which will acquire Orefinders’ past producing silver-cobalt Mann Mines and MacMurchy properties vis-à-vis a court approved plan of arrangement (“POA”). Additionally, Power Ore is announcing pricing for its seed round …
Orefinders Resources Inc. (“Orefinders” or the “Company”) (TSX.V: ORX) is pleased to provide an updated on its spin off company Power Ore Inc. (“Power Ore”), which will acquire Orefinders’ past producing silver-cobalt Mann Mines and MacMurchy properties vis-à-vis a court approved plan of arrangement (“POA”). Additionally, Power Ore is announcing pricing for its seed round financing which is available to accredited investors. Total gross proceeds for Power Ore’s seed round will be up to $1,000,000.
As quoted in the press release:
“We see this transaction as a win-win for Orefinders’ balance sheet as this is akin to a nondilutive financing. Additionally, all Orefinders’ shareholders who will be receiving distributed shares in Power Ore, and the new shareholders coming into Power Ore will have direct exposure to series of acquisitions in Canada’s cobalt and battery metal sector. Our shareholders, in both Orefinders and Power Ore, can expect continued creative and accretive transactions which deliver value on a per share basis,” said Stephen Stewart Orefinders CEO.
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