Medoro Resources Ltd. (TSX-V: MRS/AIM: MRL) 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. -- www.cnxmarketlink.com
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