Orford Mining Corporation (TSX-V: ORM) is pleased to announce that, further to its news releases of June 17 and June 28, 2019, it has closed a non-brokered multi-tranche private placement financing of an aggregate of 8,963,337 common shares which will qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada), for aggregate gross proceeds of C$1,305,460. The first tranche consisted of 5,457,692 Flow-Through Shares at an issue price of C$0.13 per Flow-Through Share for gross proceeds of C$709,500. The second tranche consisted of 3,505,645 Flow-Through Shares at an issue price of C$0.17 per Flow-Through Share for gross proceeds of C$595,960.
In addition, Orford issued 9,678,373 hard dollar units at an issue price of C$0.10 per Unit for gross proceeds of C$967,837. The Units are comprised of one common share of Orford and one-half common share purchase warrant. Each Warrant is exercisable at a price of C$0.20 per common share for a period of 24 months following the closing date, subject to acceleration in the event that the volume weighted average trading price of the common shares on the TSXV is equal to or greater than or greater than C$0.60 or higher for a period of more than 20 consecutive trading days following the date that is four months and one day following the closing date.
The total gross proceeds of the Offering was C$2,273,297.
The proceeds from the issuance of Flow-Through Shares will be used by Orford to continue the exploration of the Qiqavik [high-grade gold] project in Northern Quebec and incur Canadian Exploration Expenses, and will qualify as “flow-through mining expenditures” under the Income Tax Act (Canada), which will be renounced to the subscribers with an effective date no later than December 31, 2019 to the subscribers of Flow-Through Shares in an aggregate amount no less than the proceeds raised from the issue of the Flow-Through Shares.
The proceeds from the issuance of the Units will be used by Orford to continue the exploration of the Qiqavik project in Northern Quebec and for general corporate purposes. The Qiqavik project represents a new gold discovery in the Cape Smith Belt of Northern Quebec.
Following completion of the Offering, there are 94,975,170 issued and outstanding common shares of Orford. The Flow-Through Shares and Units issued under the Offering are subject to a statutory hold period of four months plus a day following the date of closing.
Orford understands that Alamos Gold Inc. (AGI-TSX), which subscribed for Units and acquired additional Orford shares from a third party in a private transaction, now owns a total of 21,107,634 common shares of Orford, or 22.2% of its issued and outstanding common shares. Orford also understands that Royal Nickel Corporation, which subscribed for Units, now owns or controls a total of 22,502,911 common shares of Orford, or 23.7% of the issued and outstanding shares.
Alamos has acquired the Orford shares for investment purposes, which will be evaluated and increased or decreased from time to time at Alamos’ discretion. A copy of the Alamos Early Warning Report is available on SEDAR at https://www.sedar.com or can be requested by contacting Scott Parsons, Vice-President, Investor Relations, at SParsons@alamosgold.com, 416-368-9932 (ext 5439) or by mail at Brookfield Place, 181 Bay Street, Suite 3910, Toronto, Ontario M5J 2T3.
RNC has acquired the Orford shares for investment purposes, which will be evaluated and increased or decreased from time to time at RNC’s discretion. A copy of the RNC Early Warning Report is available on SEDAR at https://www.sedar.com or can be requested by contacting Rob Buchanan, Investor Relations, at email@example.com or by mail at 141 Adelaide Street West, Suite 1608, Toronto, Ontario M5H 3L5.
About the Qiqavik High-Grade Gold Property
The Qiqavik Property covers the 40-km long Qiqavik Break, part of the Cape Smith Belt event which is of Paleoproterozoic age (1.8-1.9 billion years). This geologic era is marked by its significant metal endowment as illustrated by the important gold districts that occur worldwide related to geological events of Paleoproterozoic age. These include the Flin Flon-Snow Lake Belt, the Ashanti Gold Fields of West Africa, the Tapajos-Parima Belt of Brazil, and the Tanami Region in Australia1. The Cape Smith Belt is also home to Glencore’s world class Raglan Mine.
Early-stage exploration work completed to date on the Qiqavik Property shows that high-grade gold and copper occurrences are structurally controlled and associated with secondary splay structures located along the district-scale Qiqavik Break Shear Zone which extends the full 40 km length of the Qiqavik Property.
|1)||This information is not necessarily indicative of the mineralization on Orford Mining’s properties.|
About Orford Mining Corporation
Orford Mining is a mineral explorer focused on highly prospective and underexplored areas of Northern Quebec. Orford’s principal assets are the Qiqavik and West Raglan projects comprising of a land package totaling over 70,000 hectares in the Cape Smith Belt of Northern Quebec. The Qiqavik Project hosts several new high-grade gold discoveries along a mineralized trend in excess of 40 km. Orford’s common shares trade on the TSX Venture Exchange under the symbol ORM.
Scottie Resources Corp. (TSX-V: SCOT) is pleased to report new as... READ MORE
Golden Independence Mining Corp. (CSE: IGLD) (OTCQB: GIDMF) (FSE:... READ MORE
Decade Resources Ltd (TSX-V: DEC) announces that it has intersect... READ MORE
New 18-month credit facilities with Asahi and Samsung underpin th... READ MORE
Aya Gold & Silver Inc. (TSX: AYA) is pleased to announce hig... READ MORE
We acknowledge the [financial] support of the Government of Canada.