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Message: Explor Resources Inc.: Private Placement

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Explor Resources Inc.: Private Placement

posted on May 03, 11 08:03AM
Press Release Source: Explor Resources Inc. On Tuesday May 3, 2011, 8:00 am

ROUYN-NORANDA, CANADA--(Marketwire - May 3, 2011) - Explor Resources Inc. (TSX VENTURE:EXS - News; PINK SHEETS:EXSFF - News; FRANKFURT:E1H - News; "Explor" or the "Company") announces its intention to realize a private placement with the subscribers that have participated in the December 2009 private placement, for a maximum number of 6,752,233 common shares at a price of $0.75 per share, representing a total amount of $5,064,175. Each common share subscribed will give the right to receive one half (1/2) of a warrant. One whole warrant and the amount of $1.00 will be required to acquire one additional common share of the Company for a period of 12 month following the closing. The private placement will take place from May 3nd to May 27.

The warrants issued pursuant to the Private Placement are subject to a hold period of four months and a day from the date of closing. This placement is subject to the final approval of the TSX Venture Exchange.

This Press Release, required by applicable Canadian laws, is not for distribution to U.S. News Services or for dissemination in the United States and does not constitute an offer of the securities described herein. These securities have not been registered under the United States Securities Act of 1933, as amended, or any state Securities Laws, and may not be offered or sold in the United States or to U.S. Persons unless registered or exempt therefrom.

Explor Resources Inc. is a publicly listed company trading on the TSX Venture (EXS), on the USA Pink Sheet (EXSFF) and on the Frankfurt Stock Exchange (E1H).

This press release was prepared by Explor Resources Inc. 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.

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