Last checked at 27 Feb 2008 07:00
Medoro Resources Announces Private Placement
TORONTO, Feb. 27 /CNW/ - Medoro Resources Ltd. announced today that it intends to complete a private placement of up to 25,000,000 units at a price of C$0.40 per unit, for gross proceeds of up to C$10,000,000. Each unit will consist of one common share of the company and one-half of one common share purchase warrant, with each whole warrant being exercisable at a price of $0.60 for a period of two years from the date of closing. The private placement is expected to close in March 2008, subject to finalisation of subscription agreements and receipt of regulatory approval.
All securities issued as part of this placement will be subject to a four-month hold period. The funds raised will principally be used for the company's 2008 exploration and drilling program in Venezuela and Mali, as well as for other general and corporate purposes.
The private placement will be made in compliance with the rules of the TSX Venture Exchange. Application will also be made for the common shares issued pursuant to the private placement and the common shares issuable upon exercise of the warrants to be admitted to AIM on or around the time of completion.
Medoro Resources is a gold exploration and development company focused on acquiring properties of merit for potential joint ventures with senior producers. The company holds a 100% interest in the Lo Increible 4A and 4B concessions in Venezuela and interests in nine gold exploration areas in the Republic of Mali. Additional information on the company can be found by visiting the company's website at www.medororesources.com. Medoro's Nominated Adviser for the purposes of AIM is Canaccord Adams Ltd. (Ryan Gaffney/Robin Birchall), +44 (0) 20 7050 6500.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
For further information: Peter Volk, General Counsel and Secretary, (416) 603-4653, pvolk(at)medororesources.com (MRL)
MEDORO RESOURCES LTD