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Explorex Resources closes second and final tranche of placing

Last updated: 23:37 20 Dec 2018 AEDT, First published: 18:37 20 Dec 2018 AEDT

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The company said that $151,250 was used to settle debt

Battery metals focused Explorex Resources Inc (CSE:EX) said it had closed the second and final tranche of its previously announced private placing.

The company said it had issued a total 1,140,500 non-flow-through units at $0.25 each for a total of $285,125.

It added that $151,250 was used to settle debt.

READ THE BIG PICTURE: Explorex Resources continues to rise up the ranks — from junior to development-stage miner

Explorex has also completed its flow-through unit offering consisting of 335,000 units for a total of $107,200. These flow-through units were offered at $0.32 each.

Flow-through unit proceeds will be used for the drill program at Kagoot Brook (cobalt-manganese-base metals) in New Brunswick and toward exploration of the group's other Canadian projects.

The funds received from the non-flow-through component of the offering will be used for general corporate purposes.

Each unit consisted of one company share and one-half of a share purchase warrant.

Each full warrant is exercisable to purchase one further share for $0.50 for two years from the date of issuance. In total, the company issued 737,500 share purchase warrants.

On Monday this week, Explorex revealed that crews have been mobilized to start the maiden drill program at the Kagoot Brook project in New Brunswick.

Explorex said it is taking advantage of a window of opportunity presented by a local drill company to complete two holes prior to the Christmas break.

This initial two-hole, 500-meter drill program is limited in scope and designed to drill one partial transect across the target.

Due to the near-Christmas timing of the drill program, it is anticipated that the core will be processed when the technical crew returns to the project in the new year, with results reported thereafter.

No drilling has ever been conducted and no source of the historic geochemical anomalies is known on the property.

Contact Giles Gwinnett at giles@proactiveinvestors.com

Follow him on Twitter @Gile74