20:47 EDT Wednesday, August 11, 2004 LA RONGE, SASKATCHEWAN--(CCNMatthews - Aug. 11, 2004) - The Corporation wishes to announce an amendment to the terms of the placement announced on May 12, 2004. The Corporation now proposes to raise $602,000 consisting of 1,720,000 Units at $0.35 per Unit. Each Unit will consist of 1 common share and one common share purchase warrant exercisable within two years at $0.50 per common share. Half of the placement will have flow through attributes. Placees have yet to be determined. The Corporation has reached an agreement with Canaccord Capital Corp. as a lead agent to act on a best efforts basis. The agents will be paid a commission of eight percent and receive warrants equal to ten percent of the issue. The agent will be paid a corporate finance fee of 40,000 common shares. The securities to be issued in conjunction with this financing will be subject to a four month hold period.
On behalf of the Board and as President, Randy Studer. Phone: (306) 425-3350 Fax: (306) 425-2535
FOR FURTHER INFORMATION PLEASE CONTACT:
Explor Resources Inc. Randy Studer President (306) 425-3350 (306) 425-2535 (FAX) The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this Release.
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