/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES
OR DISSEMINATION IN THE UNITED
STATES/
TORONTO, July 15, 2021 /CNW/ - Orford Mining
Corp. ("Orford" or the "Company") (TSXV: ORM) is pleased to
announce a non-brokered private placement of: (i) approximately
503,000 flow-through units at an issue price of C$0.27 per
unit, and (ii) approximately 6.8 million hard dollar units at an
issue price of C$0.20 per unit. (the
"Offering"), to raise gross proceeds of up to $1,500,000 from the sale of flow-through units,
hard dollar units, or any combination thereof. Each
flow-through unit will consist of one common share and one-half of
a common share purchase warrant, each issued on a "flow-through"
basis. Each hard dollar 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 three years at an
exercise price of $0.31. Alamos Gold
(TSX: AGI) has confirmed that it will participate in the financing
at its pro-rata level of at least 23.87%.
Orford intends to use the
proceeds of the Offering to explore its exploration properties,
including the Qiqavik, McClure East
and Joutel Omega properties in northern Quebec and for general corporate purposes. The
Qiqavik project represents a new gold discovery in the Cape Smith
Belt of Northern Quebec. The McClure East and Joutel Omega
properties in the Joutel area of the Abitibi greenstone belt of
northern Quebec.
The Offering is anticipated to close on or before August 12, 2021, may close in tranches before
that date, and is subject to the approval of the TSX Venture
Exchange. The securities issued under the Offering will be subject
to a hold period expiring four months plus a day from the date of
closing.
Alamos is acquiring the shares for investment purposes, which
will be evaluated and increased or decreased from time to time at
Alamos' discretion. A copy of the Alamos Early Warning Report is
available on SEDAR at https://www.sedar.com or can be
requested by contacting Scott
Parsons, Vice-President, Investor Relations, at
SParsons@alamosgold.com, 416-368-9932 (ext 5439) or by mail at
Brookfield Place, 181 Bay Street, Suite 3910, Toronto, Ontario M5J 2T3.
About Orford Mining Corporation
Orford Mining is a
gold explorer focused on highly prospective and underexplored areas
of northern Quebec.
Orford's assets in the Nunavik
region of northern Quebec include
the Qiqavik and West Raglan projects comprising a land package
totaling over 105,000 hectares in the Cape Smith Belt of northern
Quebec. The Qiqavik Project hosts
several new high-grade gold discoveries along a mineralized trend
in excess of 40 km. The West Raglan project hosts a number of
high-grade Raglan-style nickel/copper/platinum group metal
discoveries along a 55 km mineralized trend. In January 2021, Orford entered into an earn-in agreement
whereby Wyloo Metals can earn up to 80% of the West Raglan Project
for total expenditures of $25.0
million over 7 years.
In 2020, Orford acquired three
new property positions (Over 20,000ha) in the Joutel region of the
Abitibi district of northern Quebec, which hosts historical deposits such
as the Eagle/Telbel, Joutel Copper, Poirier
Copper, and Vezza deposits. This information from
neighbouring properties is not necessarily indicative of the
mineralization on Orford Mining's properties.
Orford continually seeks new
gold exploration opportunities in North
America.
Orford's common shares trade on
the TSX Venture Exchange under the symbol ORM.
To view further details about Orford's exploration projects please visit
Orford's website,
www.orfordmining.com.
Cautionary Statement Concerning Forward-Looking
Statements
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
This news release contains "forward-looking information"
including without limitation statements relating to the proposed
Offering, liquidity and capital resources of Orford and potential of one or more of
Orford's mineral
properties.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Orford to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Factors that could affect the
outcome include, among others: demand for the Offering, future
prices and the supply of metals; the results of drilling; inability
to raise the money necessary to incur the expenditures required to
retain and advance the properties; environmental liabilities (known
and unknown); general business, economic, competitive, political
and social uncertainties; accidents, labour disputes and other
risks of the mining industry; political instability, terrorism,
insurrection or war; or delays in obtaining governmental approvals,
failure to obtain regulatory or shareholder approvals. For a more
detailed discussion of such risks and other factors that could
cause actual results to differ materially from those expressed or
implied by such forward-looking statements, refer to Orford's filings with Canadian securities
regulators available on SEDAR at www.sedar.com.
Although Orford has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results to differ from those
anticipated, estimated or intended. Forward-looking statements
contained herein are made as of the date of this news release and
Orford disclaims any obligation to
update any forward-looking statements, whether as a result of new
information, future events or results or otherwise, except as
required by applicable securities laws.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this news
release.
SOURCE Orford Mining Corporation