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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.

ABOUT MINDORO
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:

HEAD OFFICE

Penny Gould
Executive Vice President
Phone: 780.413.8187
E-mail: penny@mindoro.com
Website: www.mindoro.com

INVESTOR RELATIONS-CANADA
Trent Dahl
Ascenta Capital Partners Inc.
Phone: 604.628.5800
Toll Free: 1.866.684.4209 ext. 228
E-mail: info@mindoro.com

INVESTOR RELATIONS-EUROPE
Richard Mayr
Argentuminvest GmbH
Phone: +49.9421.785250
Fax: +49.9421.785255
E-mail: info@argentuminvest.com

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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