ENP Newswire - 30 December 2013 Release date- 24122013 - MONTREAL, QUEBEC - 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 increased its previously disclosed private placement to a total amount of $3 million . The first tranche of this Private Placement will be concluded in the coming days and the second and final tranche will be closed by December 30, 2013 . This Private Placement is directed at qualified investors and is offered in Units as described below. 30,000,000 common shares of the Corporation (' Common Shares ), are offered at a price of $0.10 per Common Share as opposed to the previously disclosed issue price of $0.12 per Common Share. Each Common Share is accompanied by one common share purchase warrant; each common share purchase warrant entitling the holder thereof to acquire one Common Share at an exercise price of $0.20 per Common Share for a period of 36 months from the date of issuance. The warrants are subject to an acceleration clause by which the warrant period of the warrants can be reduced, at the Corporation's discretion, if the closing price of the Common Shares on the Exchange is equal to or above $0.30 on 20 consecutive trading days, in which case the exercise period of the warrants will be reduced to 30 days following formal written notification by the Corporation to that effect. The Private Placement is led by Euro Pacific Canada Inc. , as agent. The Corporation will pay cash commissions of 8% of the gross proceeds raised in respect of the Private Placement. In addition, the Corporation shall issue broker warrants to the agent, exercisable for a period of 18 months following the closing date, to acquire common shares which in aggregate is equal to 8% of the number of common shares sold under the Private Placement, at $0.10 per share. As previously disclosed in the Corporation's news release dated December 5, 2013 , the Private Placement is being conducted in contemplation of a proposed 'Change of Business' of the Corporation (as such term is defined under TSX Venture Exchange (the 'Exchange') Policy 5.2 - Changes of Business and Reverse Takeovers) from solely a 'mining issuer' to both a 'mining issuer' and a 'technology issuer'. For further information with respect to the proposed Change of Business and the matters to be considered at the annual and special meeting of shareholders of the Corporation to be held on December 30, 2013 , reference should be made to the management information circular of the Corporation dated December 2, 2013 (the 'Circular'), a copy of which is available under the Corporation's profile on SEDAR at www.sedar.com . The information below amends and replaces some of the information contained in the Circular under the headings 'Available Funds' and 'Private Placement' in light of the increase of the Private Placement and the re-pricing of the Common Shares to be issued under the Private Placement. The funds raised under the Private Placement to be used by the Corporation for its 'technology' related activities will be held in escrow pending final approval of the TSX Venture Exchange on the Change of Business. 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 our first commercial plant.' All securities issued in the placement are subject to a four-month hold and one day period from the closing date. Directors and Management of the Company participated in this private placement. About Pro-Or 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, and is not only much less capital extensive but also operates much more rapidly than conventional plants thus dramatically lowering the amount of time that its customers capital is tied up as work-in-process inventory. Pro-Or's mission is to sustainably recover precious metals by the recycling of end-of-life PGM containing components while meeting global 'green' 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). The operation of Pro-Or's patented and proprietary processes to such deposits may lead to a breakthrough in low cost primary mining metallurgy in the near future. CONTACT: Sylvain Boulanger President & CEO Pro-Or Tel: (514) 506-9121 Email: firstname.lastname@example.org Nicole Blanchard Managing Partner Sun International Communications Tel: (450) 973-6600 Email: email@example.com Christine Young Vice President Euro Pacific Canada Inc. Tel: 416-479-8690 Email: firstname.lastname@example.org [Editorial queries for this story should be sent to email@example.com ] ((Comments on this story may be sent to firstname.lastname@example.org ))
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