Orefinders Welcomes Eric Sprott as an Investor

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[{"type":"text","content":"\n\n\n\nOrefinders Welcomes Eric Sprott as an Investor\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, Feb. 27, 2020\n\n\n\nTORONTO, Feb. 27, 2020 /CNW/ - Orefinders Resources Inc. (\"Orefinders\" or the \"Company\") (TSX.V: ORX) is pleased to announce that it has closed the hard dollar portion of its non-brokered private placement previously announced on February 4, 2020 for aggregate proceeds of $1,490,000 (the \"Offering\"). Upon closing of the Offering, the Company issued 29,800,000 units (the \"Hard Dollar Units\"), at a price of $0.05 per Hard Dollar Unit, where each Hard Dollar Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.08 for a period of 24 months from the date of issuance.\nIn accordance with applicable securities laws in Canada, the common shares and warrants issued as part of this Offering will be subject to a four month and one day hold period from the date of closing of the Offering.\nMr. Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired 12,857,160 Units for a total consideration of $642,858. Following the completion of the private placement, Mr. Sprott beneficially owns and controls 12,857,160 Common Shares and 6,428,580 Warrants of the Company representing approximately 8.07% of the issued and outstanding Common Shares of the Company on a non-diluted basis and approximately 11.64% of the issued and outstanding Common Shares on a partially diluted basis. Prior to the Financing, Mr. Sprott did not beneficially own or control any shares of the Company.\nThe Units were acquired by Sprott for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of Orefinders  including on the open market or through private acquisitions or sell securities of Orefinders including on the open market or through private dispositions in the future depending on market conditions, reformu...

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