MONTREAL, QUEBEC-(Marketwire - March 22, 2013) - Ressources Minieres Pro-Or (TSX VENTURE:POI), which operates a recovery plant for precious metals of the Platinum Group, is pleased to announce that it has closed a non-brokered private placement of $800,000. This placement was directed at qualified investors and was offered in units of $5,000.
Each unit consists of 50 000 Class A shares at a unit cost of $0.10 per share and 50 000 warrants exercisable at $0.15 for twelve months from the date of closing. If the shares of Pro-Or trade at or above $0.25 for a period of more than 20 consecutive days, the Company may accelerate the expiration of the warrants following a 30-day written notification. This notification cannot be issued before the end of the four-month hold period.
Sylvain Boulanger, President and CEO of Pro-or said: "We welcome our new shareholders and appreciate their support in our strategy to expand our current operations and finance autocat feedstock in view of commercial operations."
Intermediate fees amounting to $48,300 are paid in connection with this private placement. All securities issued in the placement are subject to a four-month hold period expiring on July 22, 2013. No insiders of the Company participated in this private placement.
Pro-Or operates an industrial prototype plant for the recovery of Platinum Group Elements (Platinum, Palladium and Rhodium or PGMs). The plant is located near Quebec City in St-Augustin-de-Desmaures. Its patented process yields more than 97% recoveries of PGMs, is much less capital extensive but is processed much more rapidly than conventional plants. Its mission is to sustainably recover recycled precious metals meeting global standards for the automobile industry.
Pro-Or also holds the mineral rights to six mining properties and has focused its exploration activities on the Menarik property in the James Bay area, in the Province of Quebec, the site of a major chromite deposit with occurrences of gold, nickel, copper and platinum group metals (PGMs).
Neither TSX Venture Exchange nor the Supplier of services regulation (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Sylvain Boulanger, P.Eng.
President & CEO
Fax: (514) 849-9260