Hi 24hGold .,
MURGOR RESOURCES
ANNOUNCES MAXIMUM $2.3 MILLION PRIVATE PLACEMENT
Montreal, Québec - April 24, 2008 – Murgor Resources
Inc. (TSX-V: MGR) announces that it intends to effect a private
placement in a maximum amount of $2.3 million to “accredited investors” in
Canada. In the private placement, Murgor intends to issue a maximum of
2.6 million “flow-through” common shares at a price of $0.50 per share, for
maximum proceeds to Murgor of $1.3 million, and a maximum of 2,631,578 units at
a price of $0.38 per unit, for maximum proceeds to Murgor of $1.0
million. Each unit will be comprised of one common share and one common
share purchase warrant.. Each warrant will entitle the holder thereof to
acquire one additional common share at a price of $0.60 for a period of two
years.
In the event that the closing price of Murgor’s common shares on the TSX
Venture Exchange for any period of 20 consecutive trading days, commencing not
less than three months from the closing date of the private placement, is $0.75
or more, the exercise period of the warrants will be shortened from two years
to a period ending 30 days after the last day of the 20 consecutive trading
days, unless the warrants would otherwise expire prior thereto.
Murgor will use the proceeds from the placement of the flow-through shares on
its properties in Manitoba and Saskatchewan. The proceeds from the
placement of the units will be added to Murgor’s working capital.
The flow-through shares, and the common shares and warrants comprised in the
units, will be subject to a four-month “hold period” from the date of closing
under applicable securities laws in Canada.
In connection with the private placement, Murgor will pay a cash commission to
registered persons in an amount equal to 7% of the proceeds from the sale of
the units and flow-through shares, and grant “broker warrants” to such persons
entitling them to purchase a number of units and flow-through shares equal to
7% of the number units and flow-through shares, respectively, sold in the
private placement.
The private placement is subject to regulatory approval, including that of the
TSX Venture Exchange.
About Murgor Resources Inc.
Murgor Resources Inc. is a mineral exploration company with a focus on
zinc, copper and gold exploration in Canada. In late 2006, Murgor signed six
agreements with HudBay Minerals, acquiring the right to earn a 100% interest in
three deposits with a total NI 43-101 Inferred resource of: 8,666,000
tons of mineralization, containing 143,150,000 pounds of copper, 430,251,000
pounds of zinc, 221,000 ounces of gold and 2,526,000 ounces of silver. Murgor has also acquired
from HudBay Minerals, a 50% interest in two highly prospective grassroots
properties, covering more than 1,850 square kilometres adjacent to the Snow
Lake and Flin Flon mining districts. The exploration target for Murgor consists
of deposits in one of the most prolific greenstone belts in Canada and the
world. Murgor also benefits from its association with HudBay Minerals,
one of Canada’s most successful mining companies.
FOR FURTHER INFORMATION
PLEASE VISIT MURGOR’S WEBSITE OR CONTACT:
André C. Tessier, President & CEO
MURGOR RESOURCES INC.
Tel: (613) 546-7503 or 1-888-891-3330
Fax: (613) 546-7318
E-mail: info@murgor.com
Web site: www.murgor.com
Or
Michael Joyner
Investor Relations - The Equicom Group
Tel: (416) 815-1700 ext. 275 or 1-800-385-5451
E-mail: mjoyner@equicomgroup.com
This news release includes certain "forward-looking statements".
All statements other than statements of historical fact, included in this
release, including, without limitation, statements regarding potential
mineralization, resources and reserves, exploration results, and future plans
and objectives of Murgor, are forward-looking statements that involve various
risks and uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could differ
materially from those anticipated in such statements. Important factors that
could cause actual results to differ materially from Murgor's expectations are
exploration risks detailed herein and from time to time in the filings made by
Murgor with securities regulators.
The TSX Venture Exchange
has not reviewed and does not accept responsibility for the adequacy or
accuracy of this press release.
