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Jun 04, 2007
Mindoro Raises $2.8 Million
EDMONTON, AB; June 4, 2007 -- Ms. Penny Gould, CFO of Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167), reports that pursuant to a private placement announced on May 8, 2007, the company has issued 4,075,122 units at a price of $0.70 per unit for gross proceeds of $2,852,585. 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 $146,129 and 208,756 Agent's Warrants in connection with the investment. Each Agent's Warrant is exercisable into one common share 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. 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). The Company is carrying out three major drill programs: resource delineation drilling on the Kay Tanda epithermal gold-silver prospect, reconnaissance drilling on the Calo porphyry copper-gold prospect, and advancing a significant nickel laterite prospect towards production; 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
You can view the Next Press Releases item: Wed Jun 6, 2007, Initial Drill Results from Agata Nickel Laterite Exceed Expectations; Exploration Target Increased
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