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Mar 04, 2003
Mindoro Private Placement
Tony Climie, P.Geol., President of Mindoro Resources Ltd. ("Mindoro") is pleased to report that Mindoro has arranged a non-brokered private placement of 1,100,000 units, at $0.15 per unit. Each unit consists of one common share and one-half, non-transferable, common share purchase warrant. One whole purchase warrant entitles the holder to purchase one additional common share during the first year for $0.30 and during the second year for $0.50. Common shares are subject to a hold period, which expires four months from the date the units are issued.
East West Drilling (L) Limited has subscribed for 1,000,000 units and a Mindoro insider has subscribed for the balance of 100,000 units.
No bonuses, finders fees, commissions or Agent's Options will be paid in connection with the private placement. Net proceeds of the financing will be used for general working capital. The private placement is subject to regulatory approval. A news release will be issued when the placement closes and shares are issued.
Mindoro is a Tier One Company listed on the TSX Venture Exchange (symbol MIO). The Company is exploring for gold and gold-copper in the high-potential magmatic arcs of the Asia-Pacific Region and is presently focussed on six promising projects in the Philippines.
For further information, contact Penny Gould, Executive Vice President:
Phone: (1-780) 413-8187
Fax: (1-780) 426-2716
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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