Listing Approval
February 14 2006 - 2:00AM
UK Regulatory
Medoro Resources Receives Listing Approval
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
TORONTO, Feb. 13 /CNW/ - Medoro Resources Ltd. (TSX-V/AIM: MRL) announced
today that the TSX Venture Exchange (TSXV) has provided its conditional
listing approval for the previously announced offering of 100 million common
shares at $0.10 per share for gross proceeds of $10 million. Medoro and GMP
Securities L.P. have agreed not to issue any additional shares pursuant to the
previously announced option as the TSXV required that the Medoro common shares
to be issued pursuant to the previously announced option be priced at an
amount higher than the $0.10 per share offering price.
The offering will be completed with GMP acting as agent on a
"best-efforts" private placement basis and subject to the parties executing a
formal agency agreement. The company has also applied to have the shares
admitted to trading on the Alternative Investment Market (AIM) of the London
Stock Exchange plc.
The financing is subject to final regulatory approval and is expected to
close on or before February 28, 2006. All shares issued will be subject to a
four-month hold period.
The funds will be used for general corporate and working capital
purposes, which may include costs associated with identifying potential
acquisitions.
Medoro Resources is a gold exploration and development company focused on
gold opportunities in Italy and elsewhere. In addition to its financial
assets, the company has a 30% interest in the Monte Ollasteddu gold prospect
in Italy. For further information, please visit the company's website at
www.medororesources.com.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
The securities being offered have not been, nor will they be, registered
under the United States Securities Act of 1933, as amended, and may not be
offered or sold within the United States or to, or for the account or benefit
of, U.S.persons absent U.S. registration or an applicable exemption from U.S.
registration requirements. This release does not constitute an offer for sale
of securities in the United States.
For further information: Peter Volk, Secretary, (416) 603-4653,
pvolk(at)medororesources.com
(MRL.)
END
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