News Release 2014-10-29
Vancouver, BC / TNW – Accesswire / Vancouver, B.C., October 29, 2014 – FINORE MINING INC. (CSE: FIN; OTCQX: FNREF) (the “Company” or “Finore”) Finore, a Canadian public company listed on the Canadian Securities Exchange (CSE: FIN) announces that is in the process of arranging the non-brokered private placement of up to 10,000,000 units at a price of $0.05 per unit (the “Units”) for gross proceeds of up to $500,000 (the “Offering”). Each Unit consisting of one common share and one common share purchase warrant (the “Warrants”). Each Warrant will entitle the holder to purchase one additional common share at an exercise price $0.10 per common share for the first year from the date of issue, and at $0.15 per common share for the second year from the date of issue. The Units will be distributed to shareholders in accordance with the rules and regulations of the Securities Act and TSX Venture Exchange policies. The proceeds of the Private Placement is for fulfilling the immediate requirements for the The Tomboko Gold Project, Northeast Guinea and the Lantinen Koillismaa PGE-Gold-Copper-Nickel Project, North-Central Finland, and for working capital.
In the event that the common shares of the Company trade at a closing price in excess of $0.20 per share during the first year and $0.30 per share during the second year for a period of 10 consecutive trading days at any time after four months past the closing date, the Company will accelerate the expiry date of the Warrrants by giving notice to the holders thereof and in such case, the Warrants will expire on the 30th day after the date on which such notice is given by the Company.
Mohan R. Vulimiri, M.Sc., P.Geo, Director of Finore and CEO of Nortec Minerals, is a Qualified Person as defined by NI 43-101. Mr. Vulimiri has approved the corporate and technical content contained in this press release.
About Finore Mining Inc.
Finore is a mineral exploration and development company based in Vancouver, British Columbia. The Company controls a 100% interest in the LK Project located in North-Central Finland. Finore’s goal is to define a large-tonnage PGE+Au-Cu-Ni deposit in Finland, thereby maximizing value on behalf of its shareholders. More information on the companies’ activities can be found on www.finoremining.com.
On Behalf of the Board,
President & CEO
The CSE does not accept responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS: The forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by law. By its very nature, such forward-looking information requires the Company to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information.