- Orford Mining has announced a non-brokered private placement for gross proceeds of up to $2.4M
- The company will issue 15,238,095 million flow-through share units for $0.1575 per share
- ORM is a gold explorer focused on highly prospective and underexplored areas of Northern Quebec
- Orford Mining Corp’s (ORM) share price remains unchanged on the day, trading at C$0.09 at 2:09 pm EDT.
Orford Mining (ORM) has announced a non-brokered private placement for gross proceeds of up to $2,400,000.
The company will issue 15,238,095 million flow-through share units at an issue price of C$0.1575 per share.
Each flow through unit will consist of one common share and one-half of a common share purchase warrant.
Each whole common share purchase warrant will entitle the holder to purchase one common share of the company for a period of two years at an exercise price of $0.13.
Alamos Gold (TSX:AGI) has confirmed its intention to indirectly participate in the financing through the purchase of non-flow through units from a third-party to increase its holding to approximately 25 per cent of Orford’s outstanding common shares (or 29 per cent on a partially diluted basis assuming the exercise of warrants currently held and those acquired as part of this financing).
Orford intends to use the net proceeds from the offering to explore its exploration properties, including the promising Joutel-Eagle property, Qiqavik, and the other Joutel regional properties in Northern Quebec, and for general corporate purposes.
The Qiqavik project is currently actively explored with geophysics, geology, prospecting, and 3,000 metres of diamond drilling.
Qiqavik represents what Orford believes is a new gold district discovery in the Cape Smith Belt of Northern Quebec. The Joutel-Eagle property in the Abitibi Greenstone Belt of Northern Quebec will be the focus of a fall 2022 and winter 2023 geophysics and drilling program.
Orford Mining is a gold explorer focused on highly prospective and underexplored areas of Northern Quebec.
Orford Mining Corp’s (ORM) share price remains unchanged on the day, trading at C$0.09 at 2:09 pm EDT.