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Orefinders Offers up to $1 Million Arms Length Financing to Mistango
Orefinders Offers up to $1 Million Arms Length Financing to Mistango Canada NewsWi...
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[{"type":"text","content":"\n\n\n\nOrefinders Offers up to $1 Million Arms Length Financing to Mistango\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\nTORONTO, June 18, 2019\n\n\n\nTORONTO, June 18, 2019 /CNW/ - Orefinders Resources Inc. (\"Orefinders\" or the \"Company\") (TSX.V: ORX) is pleased to announce that it is offering to facilitate up to a $1,000,000 financing for Mistango River Resources Inc. (\"Mistango\") (MIS:CSE) to develop its Omega project. \n\"We are attempting to engage Mistango's Board of Directors with proactive solutions that sees capital invested in the Omega project.  As a 31% owner of Mistango, Orefinders has a vested interest in adding value to Mistango on a per share basis. Furthermore, Orefinders is interested in seeing projects on the Cadillac-Larder Lake break, where it holds significant interests, get developed. The ability to raise capital is fundamental to the operation of a junior company and development of its assets, especially under current market conditions. We are happy to assist in facilitating this $1 million financing for Mistango provided new investors get assurances on how these funds are deployed,\" said Stephen Stewart, Orefinders CEO. \nTerms of the financing would be agreeable to both Orefinders and Mistango. Orefinders is prepared to facilitate this financing at arms length and would do so at a healthy premium to Mistango's current share price, historical volume weighted average share price and in compliance with the Canadian Securities Exchange's minimum share price requirements. Conditions put forth from Orefinders are:\n100% of net proceeds from the financing to go towards the 'Omega Project', with no funds being allocated to Mistango's 'Sackville' or other projects; 100% of net proceeds from the financing are to be spent 'in the ground' and not to salaries or office rent paid to either Donald Kasner or Robert Kasner. The Omega work program is to be mutually agreed upon by Mistango, Orefinders and an independent and licenced Professional Geologist with experience and knowledge of the Cadillac-Larder Lake Break's geology. ...