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ILI.v $ARXRF Infinite Ore closes over $3-million in financings

2021-12-08 16:52 ET - News Release


Mr. J.C. St-Amour reports

INFINITE ORE CLOSES FINANCING

Further to its news releases of Nov. 9 and 10, 2021, Infinite Ore Corp. has closed non-flow through and flow-through private placements. The company issued 49,287,200 non-flow-through (NFT) units at a price of six cents per NFT unit for aggregate gross proceeds of $2,957,232 and 6,712,800 flow-through (FT) units at a price of 8.5 cents per FT unit for aggregate gross proceeds of $570,588.

Each NFT unit comprises one common share and one transferable share purchase warrant of the company. Each warrant will entitle the holder to purchase one share at a price of 10 cents per warrant share for a 24 month period after the closing date.

Each FT unit comprises one flow-through common share and one transferable non-flow-through share purchase warrant of the company. Each warrant will entitle the holder to purchase one share at a price of 11 cents per warrant share for a 24-month period after the closing date.

Finders' fees of $47,874.80 were paid to arm's-length parties.

Proceeds raised from the offering will be used toward exploration activities on the company's Jackpot lithium project, and for general working capital and unallocated funds as per Tier 2 status requirements.

All securities issued under the offering are subject to a statutory hold period expiring on April 9, 2022.

The financings, although conditionally approved by the TSX Venture Exchange, are subject to final approval.

About Infinite Ore Corp.

Infinite Ore is a junior mining exploration company focused on seeking and acquiring world-class mineral projects. The company is earning into a large land package with the potential for volcanogenic massive sulphide and gold mineralization in the Confederation Lake assemblage belt near Red Lake, Ont. The company also holds the Jackpot lithium property located near Nipigon, Ont.

We seek Safe Harbor.

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