16:29 EDT Wednesday, October 04, 2006 ROUYN-NORANDA, CANADA--(CCNMatthews - Oct. 4, 2006) - Explor Resources Inc.(TSX VENTURE:EXS) is pleased to announce the closing of a private placement of $400,000 cdn. The private placement is for 1,575,000 flow throw shares at $0.20 per share and 472 222 units at $0.18 per unit. Each unit consist of one common share and one common share purchase warrant at a $0.24 per share. The warrants are valid for a period of 12 months. Each full warrant allows the subscriber to purchase one share.
Canaccord Capital Corporation will receive a commission of 6% in cash and 60,000 warrants and Mr. Francois Simard will receive a commission of 4% in cash and 40,000 warrants that are valid for a period of 12 months. Each warrant allows the subscriber to purchase a common share of the corporation for $0.30 per share.
The securities issued pursuant to this private placement are subject to a hold period of four months from closing and this private placement is subject to the approval of the regulatory authorities.
Explor Resources Inc. is a public listed company trading on the TSX Venture (EXS).
This press release was prepared by Explor Resources inc. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Explor Resources Inc. Christian Dupont President 800-388-8668
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