TORONTO, Feb. 25, 2020 /CNW/ - Power Ore Inc. ("Power Ore" or the "Company") (TSX.V: PORE) is pleased to announce that has entered into an agreement to sell its Mann Mine to Rider Investment Capital Corporation ("Rider") (TSX.V: RDR.P), a Capital Pool Company listed on the TSX Venture Exchange.
In exchange for Power Ore's 100% interest in the Mann Mine it will receive 17,857,143 shares of Rider at an impiled $1.25 million valuation. The sale is an arm's length transaction and a part of and conditional upon Rider's Qualifying Transaction for Rider's full listing on the TSX Venture Exchange. As a part of the Qualifying Transaction, Rider will complete a concurrent financing.
About the Mann Mine
The Mann silver-cobalt mine property is located in the Milner township, in Ontario. The property covers 867 hectares, and is located west of Cobalt, Ontario, within the renowned Temiskaming silver area. The property contains 9 historic shafts and a ramp driven to the 210-foot level.
For information and updates on Power Ore, please visit: www.powerore.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Power Ore is a trade name of PowerOre Inc. PowerOre Inc. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to PowerOre Inc. Additional information identifying risks and uncertainties is contained in filings by PowerOre Inc. with Canadian securities regulators, which filings are available under PowerOre Inc. profile at www.sedar.com.
SOURCE Power Ore
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