Marlowe Regulatory News (MRL)

15 Apr 2005 07:00

Medoro Resources Ltd15 April 2005 NEWS RELEASE Medoro Resources Announces Completion of Private Placement TORONTO, Friday, April 15, 2005 - Medoro Resources Ltd. (TSX-V/AIM: MRL)announced that it has completed a private placement in the United Kingdom of 30million units at a price of £0.06 per unit for gross proceeds of £1.8 million(approximately C$4.0 million). Each unit will consist of one share and one halfof a share purchase warrant, with each whole warrant being exercisable for aperiod of 2 years from the closing date at an exercise price of £0.10. A cashcommission of 5% and a compensation option equal to 1% of units issued will bepaid to agents for assistance in completing this private placement. The funds will be used in part to help defray costs associated with duediligence currently being carried out by the company on a potential opportunityin Europe, as well as to fund other potential acquisitions when identified.The company remains committed to its strategy of acquiring properties of meritwhich can be joint ventured with, and funded by, senior gold companies. Medoro has applied for 30,000,000 common shares of the Company to be admitted totrading on the Alternative Investment Market (AIM) of the London Stock Exchangeplc. These shares will also be listed on the TSX Venture Exchange and may not betraded on or over the facilities of the TSX Venture Exchange for a periodexpiring on August 15, 2005. The securities being offered have not been, norwill they be, registered under the United States Securities Act of 1933, asamended, and may not be offered or sold within the United States or to, or forthe account or benefit of, U.S. persons absent U.S. registration or anapplicable exemption from U.S. registration requirements. This release does notconstitute an offer for sale of securities in the United States. Medoro Resources is a gold exploration and development company focussed on goldopportunities in Italy and elsewhere in Europe. FOR FURTHER INFORMATIONPeter Volk(416) 603-4653info@medororesources.com THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FORTHE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE This information is provided by RNS The company news service from the London Stock Exchange