Orford Announces Private Placement Financing
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Toronto, Ontario, December 7, 2017 – Orford Mining Corporation (“Orford”) (TSX-V: ORM) is pleased to announce a non-brokered private placement financing on a commercially reasonable efforts basis (the “Offering”) of up to 5,555,555 flow-through common shares of the Company (“Flow-Through Shares”) at an issue price of $0.45 per Flow-Through Share (the “Issue Price”) for gross proceeds of $2,500,000 and 3,000,000 hard dollar units of the company at an issue price of $0.39 per unit for gross proceeds $1,170,000. The hard dollar unit would be comprised of one common share and one half common share purchase warrant with a 2 year term and a strike price of $0.60 per common share with an accelerator if at or greater than $1.00 for greater than 20 trading days.
The proceeds from the issuance of Flow-Through Shares will be used to incur Canadian Exploration Expenses (“CEE”), and will qualify as “flow-through mining expenditures” under the Income Tax Act (Canada), which will be renounced to the subscribers with an effective date no later than December 31, 2017 to the purchasers of Flow-Through Shares in an aggregate amount no less than the proceeds raised from the issue of the Flow-Through Shares.
The proceeds of the Offering will be used by Orford to continue the exploration of the Qiqavik project in Northern Quebec and to explore the company’s Carolina projects as well as for general corporate purposes. The Qiqavik project represents a new gold discovery in the Cape Smith Belt of Northern Quebec. Orford is currently completing a program of ground geophysics, trenching and geological mapping on its Carolina projects, Jones-Keystone-Loflin and Landrum-Faulkner.
Closing of the hard dollar units portion of the Offering is expected to occur in January 2018 and is subject to certain customary conditions, including, but not limited to, the receipt of all necessary regulatory approvals and acceptance of the Toronto Stock Exchange. The Flow-Through Shares and hard dollar units issued under the Offering will be subject to a statutory hold period of four months plus a day following the date of closing.
To view further details about the Qiqavik and Carolina projects please visit Orford’s website, www.orfordmining.com.
About Orford Mining Corporation
Orford Mining is a mineral explorer focused on highly prospective and underexplored areas of Northern Quebec and the Carolina Gold Belt in United States. Orford’s principal assets are the Qiqavik and West Raglan projects comprising a land package totaling over 70,000 hectares in the Cape Smith Belt of Northern Quebec and properties in the U.S. Carolina Gold Belt. The Qiqavik Project hosts several new high-grade gold discoveries along a mineralized trend in excess of 40 km. Orford’s common shares trade on the TSX Venture Exchange under the symbol ORM.
The TSXV has neither approved nor disapproved the contents of this news release.
For more information, please contact:
President and CEO
T: (647) 253-1144