Exploration Orbite announces private placement of $1,505,000

Exploration Orbite V.S.P.A. Inc. is proceeding with a private placement of a maximum of 430 units at $3,500 per unit.

Each unit is made up of 25,000 class “A” shares at $0.14 each and 25,000 share purchase warrants, each warrant entitling the holder to purchase one common share at $0.20 for a 12-month period.

The proceeds from the $1,505,000 financing will be used for working capital.

Shares issued pursuant to the offering will be subject to a four-month hold period. No finder’s fee will be payable on the transaction, which is subject to regulatory approval.