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KORE Mining Accelerates Exploration With Closing of the First Tranche of the $7.5 Million Strategic Investment With Eric Sprott
KORE Mining Accelerates Exploration With Closing of the First Tranche of the $7.5 Million ...
About this update from Kore Mining Ltd.
[{"type":"text","content":"\n\n\n\nKORE Mining Accelerates Exploration With Closing of the First Tranche of the $7.5 Million Strategic Investment With Eric Sprott\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, BC, July 22, 2020\n\n\n\nVANCOUVER, BC, July 22, 2020 /CNW/ - KORE Mining Ltd. (TSXV: KORE) (OTCQB: KOREF) (\"KORE\" or the \"Company\") is pleased to announce the closing of the first tranche of the previously announced $7,500,000 non-brokered private placement consisting of 6,000,000 units at a price of $1.00 per unit (\"Non-FT Units\") and 1,000,000 units of flow through units at $1.50 (\"FT Units\") (collectively, the \"Private Placement\").  The first tranche, which closed today, consists of the 6,000,000 Non-FT Units for gross proceeds of $6,000,000, with the second tranche of the financing expected to close on or before July 29, 2020.\nScott Trebilcock, President and CEO stated, \"We are already putting Eric's funding to work.  At FG Gold in BC we have mobilized soil sampling on 10 kilometres of un-explored strike and have extended drilling with a planned 5,000 additional meters.  At Imperial regional exploration soils and geophysics targeting work is underway in parallel with permitting the follow-on drill programs at Imperial and Long Valley.  KORE's objective is to be continuously drilling across our portfolio for the foreseeable future.\"  \nEric Sprott commented, \"KORE owns 100% of three district scale gold projects, all with shallow high-quality drill targets.  With this financing, the Imperial PEA and the resources in the ground to back-stop value, KORE is set up to deliver out-sized returns and I have positioned myself as their largest shareholder.\"\nEric Sprott, through 2176423 Ontario Ltd., a corporation beneficially owned by him, purchased 6,000,000 Non-FT Units for total consideration of $6,000,000. Prior to the close of this first tranche of the Private Placement, Mr. Sprott beneficially owned and controlled 20,318,444 Shares, representing approximately 20.7% of the outstanding shares. Mr. ...