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Re: Press Release - Wednesday, January 14, 2009
Mindoro Announces Private Placement
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EDMONTON, Alberta; January 14, 2009 - Mindoro Resources Ltd. (TSXV:
MIO; Frankfurt: WKN 906167) today announced that it intends to raise up
to CDN$600,000 through the sale of 4,000,000 units to qualified
investors at a price of $0.15 per unit. Each unit will consist 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 $0.30 per share for a period of two years after the close of
the offering. The Company may pay finder's fees as allowed by the
policies of the TSXV.
Net proceeds of the offering will be used for drilling the Company's
American Tunnels gold project in the Philippines and for general
working capital. The terms of the private placement are subject to
regulatory approval. A news release will be made when the placement
closes and shares are issued.
Mindoro also confirmed that a potential investment with the IFC
(International Finance Corporation) disclosed on September 26, 2008,
and expected to close on or about October 31, 2008, did not proceed due
to the unexpected and severe market conditions at that time.
ABOUT MINDORO
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 NI43-101 resource estimates on its Agata North
nickel-cobalt project and on both its Lobo (SWB) and Archangel (Kay
Tanda) gold-silver projects. Mindoro has also identified 22 porphyry
copper-gold prospects and has a Memorandum of Understanding with Avocet
Mining and a Letter of Agreement with Gold Fields covering its Batangas
projects.
For further information, contact:
INVESTOR RELATIONS -- CANADA
Mindoro Resources Ltd.
Penny Gould, President: penny@mindoro.com
Tel: 780.413.8187 or Toll Free: 1.877.413.8187
www.mindoro.com
Renmark Financial Communications Inc.
Barbara Komorowski: bkomorowski@renmarkfinancial.com
Jason Roy: jroy@renmarkfinancial.com
Tel: 514.939.3989
www.renmarkfinancial.com
INVESTOR RELATIONS -- EUROPE
Argentuminvest GmbH
Richard H. Mayr: info@argentuminvest.com
Tel: +49.9421.568899-0
The TSX Venture Exchange has not reviewed and does not accept
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). 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.
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Copyright (c) 2009 MINDORO RESOURCES LTD. (MIO) All rights reserved.
For more information visit our website at http://www.mindoro.com/ or
send mailto:info@mindoro.com
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Mindoro Resources Ltd
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DEVELOPMENT STAGE |
CODE : MIO.V |
ISIN : CA6029131050 |
CUSIP : 602913105 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Mindoro Res. is a nickel and copper exploration company based in Canada. Mindoro Res. develops nickel, copper, cobalt and iron in Philippines, and holds various exploration projects in Philippines. Its main asset in development is AGATA in Philippines and its main exploration properties are LOBO, ARCHANGEL, TAPIAN MAIN and TAPIAN SAN FRANCISCO in Philippines. Mindoro Res. is listed in Australia, in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 1.5 millions as of today (US$ 1.1 millions, € 1.0 millions). Its stock quote reached its highest recent level on June 22, 2007 at CA$ 1.31, and its lowest recent point on July 05, 2016 at CA$ 0.01. Mindoro Res. has 297 437 399 shares outstanding. |