KORE Mining Ltd. (TSX-V: KORE) (OTCQB: KOREF) is pleased to announce the closing of the second 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 and 1,000,000 units of flow through units at $1.50. The first tranche of Non-FT Units closed July 22, 2020 and the second tranche of Non-FT Units closed today. All securities to be issued pursuant to the Private Placement are subject to a four month hold period and for the securities issued under this second tranche, will expire on November 29, 2020.
Settling of Imperial Gold Project Milestone Payment
KORE also announces it has settled the US $1 million milestone payment to Newmont Corporation triggered by the Imperial project Preliminary Economic Assessment announced April 6, 2020. The payment was settled in cash and not by shares as initially elected by Newmont on November 27, 2020. The payment was part of the March 27, 2017 Imperial purchase agreement where KORE purchased the Imperial project from then, Goldcorp. The next milestone payment of US$1 million is on first gold pour at the Imperial project.
KORE is 100% owner of a portfolio of advanced gold exploration and development assets in California and British Columbia. KORE, supported by strategic investors Eric Sprott and Macquarie Bank; and insiders, including management and Board, own 64% of the basic shares outstanding.
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