VANCOUVER, BRITISH COLUMBIA, Nov 09, 2016 (Marketwired via COMTEX) — VANCOUVER, BRITISH COLUMBIA–(Marketwired – Nov 9, 2016) – Finore Mining Inc. (“Finore” or the “Company”) (cse:FIN) (cse:FIN.CN) (otcqx:FNREF) is pleased to announce that it has closed its previously announced, oversubscribed, non-brokered private placement for gross proceeds of $2,200,000 through the sale of 14,666,664 Units. Each Unit is comprised of one common share (“Common Share”) at $0.15 cents, and one transferable common share purchase warrant (“Warrant”) exercisable at $0.25 cents per common share for a period of 24 months from the date of closing. All warrants are subject to an early acceleration provision which provides for the mandatory exercise or expiry of the Warrants in the event the Company’s shares close at $0.35 or higher for at least 10 consecutive trading days. In such event, the Warrants will accelerate and expire 30 days after the Company has given notice of the accelerated conversion to the Warrant holders.
All of the securities issued in the private placement will be subject to a securities law hold period of 4 months and a day. In connection with the private placement, the Company paid a cash finder’s fee of $56,412 and issued 376,080 broker warrants which are exercisable at $0.25 cents per common share for a period of 24 months from the date of closing. The proceeds of the private placement will be used for working capital purposes.
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