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PacificOre Mining closes $800,000 private placement

 

PacificOre Mining closes $800,000 private placement

 

2013-10-28 19:48 ET – News Release

Mr. Adriaan Bakker reports

PacificOre Mining Corp. as closed its private placement financing announced on Sept. 12, 2013, and Oct. 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 10 cents. Once resale restrictions on the shares having expired and upon company’s shares trading at or above a weighted average trading price of 15 cents 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 warrantholders 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 Feb. 22, 2014, pursuant to applicable Canadian securities laws and the rules of the TSX Venture Exchange.

Adriaan Bakker, chief executive officer 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.”

 

 

 

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More information on company activities and vanadium redox batteries, including global installations, can be found on the company’s website at www.vanadiumcorp.com

 
 
 
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