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May 08, 2007
Mindoro Announces Private Placement
EDMONTON, Alberta; May 8, 2007 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) today announced that it will raise up to CDN $2,450,000 by way of a private placement. The Company has arranged to sell up to 3,500,000 units to qualified investors at a price of $0.70 per unit. Each unit will consist of one Common Share and one half Common Share Purchase Warrant. Each whole Warrant entitles the holder to acquire one additional Common Share at a price of $1.00 per share for a period of one year after the close of the offering, and thereafter at $1.25 per share for one additional year. The Company may pay finder's fees as allowed by the policies of the TSXV.
Net proceeds of the offering will be used for advancing the Company's projects in the Philippines. The terms of the private placement are subject to regulatory approval. A news release will be made when the placement closes and shares are issued.
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). The Company is carrying out three major drill programs: advancing a significant nickel laterite prospect towards production, resource delineation drilling on the Kay Tanda epithermal gold-silver prospect, and reconnaissance drilling on the Calo porphyry copper-gold prospect, in addition to holding another 22 identified porphyry copper-gold prospects in the Philippines.
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.
This release may contain forward-looking statements including management's assessments of future plans and operations, and expectations of future production. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the risks associated with the mining and exploration industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production). The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
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