Private Placement
November 23 2007 - 2:00AM
UK Regulatory
Medoro Resources Announces Completion of Private Placement
TORONTO, Nov. 22 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS/AIM: MRL)
announced today that it has completed a private placement of 3,308,809 units
at a price of $0.68 per unit, for gross proceeds of $2,249,990.36. Each unit
consists of one common share of the company and one common share purchase
warrant exercisable at a price of $1.00 for a period of two years from the
date of closing.
All securities issued as part of this placement are 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 expanding
exploration opportunities.
In accordance with applicable AIM requirements, information regarding
directors and officers of the company who have participated in the private
placement is set out below:
Director/ Units Common Common % of Common Common
Officer purchased Shares Shares total Share Share
pursuant purchased held post issued Purchase Purchase
to the pursuant private capital Warrants Warrants
private to the placement post purchased held post
placement private private pursuant private
placement placement to the placement
private
placement
J.F. Arata 73,500 73,500 234,214 0.404% 73,500 73,500
M. de la Campa 147,411 147,411 149,197 0.257% 147,411 147,411
G. Pozzo 147,058 147,058 432,771 0.746% 147,058 147,058
N.B.: All securities noted above are held in companies over which the
applicable director or officer exercises direction or control.
The private placement is being made in compliance with the rules of the
TSX Venture Exchange. Application has also been made for the common shares
issued pursuant to the private placement and the common shares issuable upon
exercise of the warrants to be admitted to AIM. It is anticipated that the
common shares will be admitted to trading on AIM as of November 27, 2007.
Medoro Resources is a gold exploration and development company focused on
acquiring properties of merit for potential joint ventures with senior
producers. The company holds a 100% interest in the Lo Increible 4A and 4B
concessions in Venezuela and interests in nine gold exploration areas in the
Republic of Mali. Additional information on the company can be found by
visiting the company's website at www.medororesources.com. Medoro's Nominated
Adviser for the purposes of AIM is Canaccord Adams Ltd. (Ryan Gaffney/Robin
Birchall), +44 (0) 20 7050 6500.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
For further information: Peter Volk, General Counsel and Secretary, (416)
603-4653, pvolk(at)medororesources.com
(MRS. MRL)
END
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