Marlowe Regulatory News (MRL)

26 Jan 2006 07:00

Medoro Resources Signs Engagement Letter to Raise up to $10 million /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ TORONTO, Jan. 25 /CNW/ - Medoro Resources Ltd. (TSX-V/AIM: MRL) announcedtoday that it has entered into an agreement with GMP Securities L.P. to raiseon a "best-efforts" basis, and subject to the parties executing a formalagency agreement, up to $10 million through the sale of 142,857,143 units on aprivate placement basis. The financing is subject to regulatory approval. Each unit will be offered at a price of $0.07 per unit and will consistof one common share of the Company and one half of one common share purchasewarrant, with each whole warrant being exercisable for a period of 18 monthsfrom the closing date at an exercise price of $0.15. The funds will be used for general corporate and working capitalpurposes, which may include costs associated with the identification ofpotential acquisitions. The Company intends to apply to have the common shares issuable as partof the units and the common shares issuable upon exercise of the warrantsforming part of the units listed on the TSX Venture Exchange and admitted totrading on the Alternative Investment Market (AIM) of the London StockExchange plc. Medoro Resources is a gold exploration and development company focused ongold opportunities in Italy and elsewhere in Europe. THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE The securities being offered have not been, nor will they be, registeredunder the United States Securities Act of 1933, as amended, and may not beoffered or sold within the United States or to, or for the account or benefitof, U.S. persons absent U.S. registration or an applicable exemption from U.S.registration requirements. This release does not constitute an offer for saleof securities in the United States. /For further information: Peter Volk, Secretary, (416) 603-4653,info(at)medororesources.com/ (MRL.) ENDMEDORO RESOURCES LTD