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Jan 14, 2009
Mindoro Announces Private Placement
EDMONTON, Alberta; January 14, 2009 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) today announced that it intends to raise up to CDN$600,000 through the sale of 4,000,000 units to qualified investors at a price of $0.15 per unit. Each unit will consist of one Common Share and one Common Share Purchase Warrant. Each Purchase Warrant entitles the holder to acquire one additional Common Share at a price of $0.30 per share for a period of two years after the close of the offering. The Company may pay finder's fees as allowed by the policies of the TSXV.
Net proceeds of the offering will be used for drilling the Company's American Tunnels gold project in the Philippines and for general working capital. 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 also confirmed that a potential investment with the IFC (International Finance Corporation) disclosed on September 26, 2008, and expected to close on or about October 31, 2008, did not proceed due to the unexpected and severe market conditions at that time.
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). Mindoro is focused on copper-gold and nickel exploration in the Philippines with a strategy of advancing early stage opportunities to production or joint venture. Mindoro has NI43-101 resource estimates on its Agata North nickel-cobalt project and on both its Lobo (SWB) and Archangel (Kay Tanda) gold-silver projects. Mindoro has also identified 22 porphyry copper-gold prospects and has a Memorandum of Understanding with Avocet Mining and a Letter of Agreement with Gold Fields covering its Batangas projects.
For further information, contact:
INVESTOR RELATIONS -- CANADA
Mindoro Resources Ltd.
Penny Gould, President: firstname.lastname@example.org
Tel: 780.413.8187 or Toll Free: 1.877.413.8187
Renmark Financial Communications Inc.
Barbara Komorowski: email@example.com
Jason Roy: firstname.lastname@example.org
INVESTOR RELATIONS -- EUROPE
Richard H. Mayr: email@example.com
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.
You can view the Next Press Releases item: Thu Jan 29, 2009, Mindoro Reports Progress On The Batangas Joint Ventures
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