VanadiumCorp has arranged a non-brokered private placement of up to 1,400,000 flow-through common shares at a price of $0.07 cents per share for total proceeds of up to $98,000.
VANCOUVER, B.C -October 28, 2013- PacificOre Mining Corp. (“PC”:TSX.V / “APAFF”:OTCQX) (the “Company”) is pleased to announce that it has closed its private placement financing announced on September 12, 2013 and October 2, 2013 by issuing a total of 16 million units for gross proceeds of $800,000. Each unit consisted of one common share and one non-transferable share purchase warrant exercisable for a period of one year at a price of $0.10. Once resale restrictions on the Shares having expired and upon Company’s shares trading at or above a weighted average trading price of $0.15 for 20 consecutive trading days, PacificOre may give notice that the Warrants will expire 30 days from the date of providing such notice (in writing to Warrant holders and via a news release). The proceeds will be primarily used for working capital. The securities issued under the financing will be subject to a hold period expiring on February 22, 2014, pursuant to applicable Canadian securities laws and the rules of the TSX Venture Exchange.
Adriaan Bakker, CEO of the Company, states “We were extremely pleased with the support the Company received for this financing. Almost all the financing was subscribed for by existing shareholders and no commissions were paid. I would like to thank shareholders for their continued support and I look forward to providing more detailed updates as we move forward.”
About PacificOre Mining Corp:
PacificOre is a mining Company with a growth strategy focused on development of its most advanced project, the 100% owned Lac Dore Project in Quebec, Canada. The Lac Dore Project is a high grade Vanadium project with near surface mineralization and nearby infrastructure supporting the economic viability of the project. Vanadium has been dubbed “the electric metal” for its bright future in energy storage and green technology but its main use today is in high-quality steel. This unique project located in one of the best mining jurisdictions holds the key for a stable Canadian supply of Vanadium for years to come.
ON BEHALF OF THE BOARD OF DIRECTORS
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.