Toronto-based Power Ore’s flagship asset is the Opemiska Copper Mining Complex project located near the town of Chapais, Quebec within the prolific Chibougamau region. The project consists of two historically producing mines that were previously owned and operated by mining giant Falconbridge, then bought by Swiss firm Xstrata.
The firm is reinterpreting this past underground operation as a high-grade open-pit copper project.
The offering consisted of nearly 4.3 million flow-through units priced at C$0.07 per unit. Each flow-through unit consists of one flow-through common share and one half of one warrant exercisable at C$0.10 for a two-year period.
Flow-through shares are a unique Canadian financing incentive that allows the investor to access tax credits in return for mineral resource investment.
In consideration for introducing certain subscribers to the offering, Power Ore made a cash payment of C$7,000 to certain finders along with 100,000 warrants. Each warrant entitles the holder to purchase one share priced at C$0.07 for a two-year period.
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