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Oct 01, 2007
Mindoro Raises $4 Million in Final Tranche of Private Placement
EDMONTON, AB; October 1, 2007 -- Ms. Penny Gould, CFO of Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167), reports that pursuant to a private placement announced on August 29, 2007, the company has issued a second and final tranche of 6,896,338 units at a price of $0.60 per unit for gross proceeds of $4,137,802. Each unit consists of one common share and one common share purchase warrant. Each warrant allows the holder to purchase one additional common share at a price of $0.90 in the first year or $1.10 in the second year. The securities issued are subject to a resale restriction period of four months, which expires on January 29, 2008.
Finders fees of $179,004 and 179,004 Finders Warrants are payable in connection with this second tranche of the private placement. Each Finders Warrant is exercisable into one common share at a price of $0.60 for two years.
Proceeds from the placement will be used for exploration and development of 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 advancing the Agata nickel laterite project towards production, Mindoro has a NI 43-101 resource estimate pending on its Kay Tanda gold-silver project. The company has also identified 22 porphyry copper-gold prospects in the Philippines and is pursuing aggressive strategy of drilling multiple targets in 2008.
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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