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Scintilore Explorations Limited announces agreement.

TORONTO--(BUSINESS WIRE)--July 17, 1995--Scintilore Explorations Limited (TSE:SLP) has reached an agreement to raise a total of $426,250.00 by way of two arms-length private placements.

The placements consist of the purchase of a total of 1,550,000 common shares of the Company at a price of $0.275 per share, with warrants entitling the purchasers to obtain an additional 1,550,000 common shares at a price of $0.365 per share for one year. The necessary regulatory approval has been obtained pending filing of closing documents.

Pursuant to the Order of Mr. Justice Archie Campbell of the Ontario Court (General Division), a further payment of $60,000.00 for security for costs of the trial was paid into court by the Company.

Scintilore is vigourously pursuing its legal action against prospectors, John Larche and Donald McKinnon, Teck Corporation, International Corona Resources, HGM Inc. and Hemlo Gold Mines Inc. to claim all benefits and proceeds received or to be received by Larche and McKinnon from the claims staked by or on behalf of them in the Hemlo gold field in Northern Ontario. The David Bell Mine and part of the Golden Giant Mine are located on these claims.

The common shares of the Company are listed on the Toronto Stock Exchange (SLP-T).

CONTACT: Scintilore Explorations Limited, Toronto

Theodore H. Polisuk, 514/861-8546 REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-330-5311 or

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Publication:Business Wire
Date:Jul 17, 1995
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