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Apr 05, 2005
Private Placement and Options Granted
Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: OLM) announces that it will raise up to CDN$480,000 by way of a non-brokered private placement. The Company intends to sell up to 1,500,000 units to qualified investors at the price of $0.32 per unit. Each unit will consist of one Common Share and 1/2 Common Share Purchase Warrant. Each whole Purchase Warrant will entitle the holder to purchase an additional Common Share for eighteen months from closing at the price of $0.50. The Company may pay finder's fees as allowed by the policies of the TSXV.
Net proceeds of the offering will be used for general working capital. The terms of the private placement are subject to regulatory approval. A news release will be made when the placement closes and shares issued.
Mindoro also announces that, subject to regulatory approval, options have been granted to Accent Marketing Ltd., to purchase 100,000 common shares at an exercise price of $0.32 per share for two years and vesting in accordance with TSX Venture Exchange guidelines.
Mindoro is a Tier One Company trading on the TSX Venture Exchange (TSXV: MIO) and the Frankfurt Stock Exchange (OLM). The Company is exploring for gold and gold-copper in the prolifically mineralized magmatic arcs of the Asia-Pacific Region. Mindoro has been active in the Philippines since 1996 and is presently focused on six promising projects in politically stable jurisdictions of the Philippines.
For further information, contact:
Penny Gould, Executive Vice President
Marshall Farris, Ascenta Capital Partners Inc.
Toll Free: 1-866-684-4209
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
You can view the Next Press Releases item: Wed Apr 13, 2005, Private Placement Closes
You can view the Previous Press Releases item: Mon Apr 4, 2005, Drilling Underway at Signal. Drill Rig Moving to Porphyry Target at Pica.
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