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Aug 25, 2009
Mindoro Closes Private Placement
EDMONTON, Alberta; August 25, 2009, Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167), reports that pursuant to a private placement announced on August 19, 2009, the company has issued 6,133,000 units at a price of $0.10 per unit for gross proceeds of $613,300.
Each unit consists 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 $0.20 per share in the first year or $0.30 per share in the second year. The length of the exercise period of the Purchase Warrants will be shortened to 30 days if the closing price of Mindoro's listed shares exceeds the price of $0.35 per share for 10 consecutive trading days within the first year or exceeds the price of $0.50 per share for 10 consecutive trading days within the second year.
The company paid Finder's fees of $6,530 and 6,530 Finder's Warrants in connection with the investment. Each Finder's Warrant is exercisable into one common share at a price of $0.12 for two years. Shares issued, including any shares issued pursuant to the exercise of Purchase Warrants or Finder's Warrants, are subject to a four month hold period. Proceeds from the placement will be used to expand the drill program currently underway on Mindoro's American Tunnels gold and copper-gold prospect in the Philippines, and for general working capital.
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 NI 43-101 resource estimates on its Agata North nickel-cobalt project and on both its Lobo (SWB) and Archangel (Kay Tanda) gold-silver projects. Mindoro has identified 22 porphyry copper-gold prospects and has a Memorandum of Understanding with Avocet Mining and a Memorandum of Agreement with Gold Fields covering its Batangas projects.
Mindoro is well positioned to capitalize on the global demand for gold with plans to drill the Lobo and El Paso copper-gold projects, funded by Gold Fields, and drill the American Tunnels gold /copper-gold project. Final results are also awaited from due diligence drilling on the Kay Tanda gold project, funded by Avocet. Additional near-term objectives include finalizing one to two joint venture arrangements on Mindoro's porphyry copper-gold prospects at Pan de Azucar and Surigao and identifying a suitable partner to fund development of the significant Agata North nickel resource.
For further information, contact:
Mindoro Head Office
Penny Gould, President
Tel: 780.413.8187 or
Toll Free: 1.877.413.8187
Investor Relations - Canada
Senergy Communications Inc.
Investor Relations - Europe
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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 and the uncertainty of the availability of capital). 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: Tue Sep 1, 2009, Gold Fields Provides Further Update On Progress On The Batangas Joint Ventures
You can view the Previous Press Releases item: Wed Aug 19, 2009, Mindoro Arranges Private Placement
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