Explor Resources cancels its C$5.06 million private placement of units

Offering was to be conducted with investors from previous placement

By Devika Patel

Knoxville, Tenn., June 6 - Explor Resources Inc. said it has canceled plans to raise C$5.06 million in a private placement of units with investors from its December 2009 placement. The deal priced May 3.

The company said the deal was nixed because the market price of the shares was not higher than the exercise price of the warrants issued in 2009. Consequently, no subscribers opted to exercise their warrants during the period in which the private placement was to be taken place.

Explor is a resource exploration company based in Rouyn-Noranda, Quebec.

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