TRES-OR CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT
Vancouver, B.C. – July 23, 2019 - Tres-Or Resources Ltd. (TSX-V: TRS) (the “Company”) is pleased to announce that, further to its news release of May 28, 2019, it has closed the first tranche of its private placement of 773,478 flow-through units (the “FT Units”) at a price of $0.23 per FT Unit and 2,533,053 non flow-through units (the “CS Units”) at a price of $0.19 per CS Unit, for total proceeds of $659,180 (the “Offering”).
Each CS Unit consists of one common share and one common share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of $0.28 for a period of three years from the date of issue. Each FT Unit consists of one flow-through common share (a “FT Share”) and one-half of one common share purchase warrant (a “FT Warrant”). Each whole FT Warrant entitles the holder to purchase one non-flow-through common share of the Company at an exercise price of $0.40 for a period of one (1) year from the date of issue. The FT Shares entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).
The gross proceeds from the issuance of FT Units will be used solely for Canadian Exploration Expenses (“CEE”) that are “flow-through mining expenditures” (as such terms are defined in the Income Tax Act (Canada)) on the Company's Guigues Project, near Notre Dame du Nord, in Québec. The net proceeds from the sale of the CS Units will be used to fund exploration, for property-related expenses, and for general corporate and working capital purposes.
All securities issued under the Offering are subject to a statutory hold period ending November 20, 2019 in accordance with applicable Canadian securities laws.
About Tres-Or Resources Ltd.
Tres-Or Resources Ltd. (TSX-V: TRS) is a Canadian resource company focused on exploring for diamond resources in the Témiscamingue region of Québec. The Company also has exposure to certain gold projects in the Abitibi region of Québec that have been optioned to Kiboko Exploration Inc. Additional information related to the Company is available on SEDAR and on the Company’s website (www.tres-or.com).
On behalf of the Board of Directors
“Laura Lee Duffett”
Laura Lee Duffett, P.Geo.
President and CEO
For further information
Laura Lee Duffett, President & CEO: +1 (604) 541-8376 – email@example.com
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