Explorator Resources announces private placement of units

By Laura Lutz

Des Moines, July 9 - Explorator Resources Inc. announced that it plans to conduct a private placement of 13 million units.

Each unit will consist of one share and one half-share warrant. Each whole warrant will be exercisable for 18 months.

The price of the units and exercise price of the warrants will be set in the context of the market.

Cormark Securities Inc. will lead a syndicate of agents that includes Blackmont Capital Inc. and Canaccord Capital Corp.

The agents have a greenshoe for up to 1.95 million additional units.

Proceeds will be used for exploration, drilling, engineering and resource studies and property payments for the company's El Espino property in Chile.

Explorator is a mining company based in Toronto. Its stock closed unchanged at C$0.83 on Friday (TSX Venture: EXO).

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