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Orefinders Provides Update on Pacific Precious Financing
Orefinders Provides Update on Pacific Precious Financing Canada NewsWire TORONTO...
About this update from Orecap Invest Corp
[{"type":"text","content":"\n\n\n\nOrefinders Provides Update on Pacific Precious Financing\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, May 15, 2019\n\n\n\nTORONTO, May 15, 2019 /CNW/ - Orefinders Resources Inc. (\"Orefinders\" or the \"Company\") (TSX.V: ORX) is pleased to provide an update regarding its acquisition of an interest in Kuta Ridge Exploration Inc., operating under the trade name Pacific Precious (\"Pacific\"), originally announced on March 4, 2019. Pacific has now secured commitments for a $300,000 private placement, to be completed concurrently with Orefinders' acquisition of shares of Pacific. \n\"We are very pleased to see this transaction come together. It's a great opportunity for Orefinders, its shareholders as well as for Pacific Precious which owns 100% of the Kuta Ridge gold project which has an interesting history and offers prospective geology. I look forward to Pacific Precious moving towards subsequent financings and/or a going public transaction,\" said Stephen Stewart, Orefinders CEO. \nThe financing by Pacific is a majority arm's length financing, which provides evidence of value to the TSXV for the purposes of Orefinders' submission to the TSXV.  A total of 6,000,000 shares of Pacific will be issued in the private placement at a price of $0.05 per share.  No finder's fees will be paid in connection with the financing. \nThe proceeds of this financing will be used towards the first phase of exploration by Pacific Precious on its 100%-owned Kuta Ridge project in Papua New Guinea, to establish the project as a property of merit. \nAfter issuing 6,000,000 shares in the financing, there will be a total of 31,000,000 common shares of Pacific issued and outstanding, of which 10,000,000, or 32.26%, will be held by Orefinders. \nAs originally announced on May 9, 2019, Orefinders has entered into a definitive agreement with all of the shareholders of Pacific whereby it will directly swap with the shareholders a total of 10,000,000 Orefinders shares for 10,0000,000 currently outstanding shares in Pacific. Closing of the transaction rem...