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Jan 10, 2007
Mindoro Raises Additional $1.05 Million
EDMONTON, AB; January 10, 2007 -- Ms. Penny Gould, CFO of Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167), reports that the Company has closed the second and final tranche of its private placement of units. A total of 1,500,000 units were issued to an institutional investor at a price of $0.70 per unit for gross proceeds of $1,050,000. Each unit consists of one common share and one-half common share purchase warrant. Each full warrant allows the holder to purchase one additional common share at a price of $1.00 for a period of one year from the close of the offering and $1.25 in the second year. The company paid finders fees of $73,500 and 105,000 Agent's Warrants in connection with the investment. Each Agent's Warrant is exercisable into one unit at a price of $0.70 for two years.
Shares issued, including any shares issued pursuant to the exercise of Purchase Warrants or Agent's Warrants, are subject to a four month hold period from the date of issue. Proceeds from the placement will be used for additional drilling, geophysics and exploration expenses on Mindoro's projects in the Philippines.
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). In addition to the resource delineation being carried out at Kay Tanda, the company has identified 22 porphyry copper-gold prospects and a nickel laterite prospect in the Philippines and has an aggressive strategy of drilling multiple targets in 2006/2007.
FOR FURTHER INFORMATION, CONTACT:
Executive Vice President
Ascenta Capital Partners Inc.
Toll Free: 1.866.684.4209 ext. 228
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release
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