Canadian Orebodies Announces Intention to Rebrand as Hemlo Explorers and $1,000,000 Non-brokered Private Placement

TORONTO, Jan. 10, 2020 (GLOBE NEWSWIRE) -- Canadian Orebodies Inc. (the “Company”) (TSXV: CORE) is pleased to announce a plan to rebrand the company as Hemlo Explorers Inc., seek approval to consolidate the outstanding common shares, and undertake a $1,000,000 non-brokered private placement financing with a lead order from Robert Cudney. In order to effect the proposed items, the Company has called a Special Meeting of Shareholders to be held on February 26, 2020 (the “Shareholders Meeting”).

Management Statement

“With this series of corporate actions, we are looking to begin a new chapter for the Company in 2020, following what was a very difficult 2019,” stated Fraser Laschinger, Interim CEO of the Company. “In changing our name to Hemlo Explorers Inc., we pay homage to the late Gordon McKinnon, the Company’s founding President and CEO, and his father Don McKinnon, the Company’s inaugural Chairman and co-discoverer of Hemlo. Under this new banner, we will continue to push forward with Gordon’s dream of exploration success in the Hemlo region.

“Robert Cudney has been our biggest supporter for the past number of years, and we are thankful for his continued support and commitment to providing the lead order in this financing. We will be seeking approval for him to go over 20% ownership at the Shareholders Meeting, as well as approval for a share consolidation as we are firm believers in tight share structures. We are thankful for the support of all our shareholders as we move into 2020.”  

Corporate Rebranding

The previous year was a very difficult one for the Company, with the tragic loss of founding President and CEO, Gordon McKinnon. The Company hopes to honour Gordon’s legacy by changing its name to “Hemlo Explorers Inc.” and continuing to push forward at the Pic Project as he would have wanted. Additional details on the effective date of the name change will be provided after the Shareholders Meeting.

Share Consolidation

At the Shareholders Meeting, the Company will seek approval for a proposal to amend the Company’s articles to effect a consolidation of the Company's issued and outstanding common shares on the basis of one (1) post-consolidation common share for up to three (3) pre-consolidation common shares of the Company (the "Share Consolidation"). Implementation of the Share Consolidation would be at the discretion of the Company’s Board of Directors, and also subject to the approval of the TSX Venture Exchange.