Explor Resources Inc. (TSXV:EXS) announced a private placement of a maximum of 7,142,857 common shares and/or flow-through shares at a price of CAD 0.07 for gross proceeds of up to CAD 500,000. Each common share and flow through share is accompanied by one half of one share purchase warrant, with each whole warrant exercisable into an additional common share within 24 months from each closing. The company issued 471,429 common shares, 4,242,857 flow through shares and 2,357,143 warrants for gross proceeds of CAD 330,000 in its first tranche close. The company did not pay any finders fee in connection with the first tranche close. The transaction is subject to approval from the TSX Venture Exchange. The securities issued in the first tranche are subject to a hold period expiring April 12, 2018.