Hi 24hGold .,
MURGOR RESOURCES ANNOUNCES THE COMPLETION OF A $2.3 MILLION PRIVATE PLACEMENT
Montreal, Québec – May 5, 2008 – Murgor Resources Inc. (TSX-V: MGR)
announces that it has completed a private placement in the amount of $2.3
million to “accredited investors” in Canada, as announced on April 24,
2008. In the private placement, Murgor issued 2.6 million “flow-through”
common shares at a price of $0.50 per share, for proceeds to Murgor of $1.3
million, and 2,631,578 units at a price of $0.38 per unit, for proceeds to
Murgor of $1.0 million. Each unit is comprised of one common share and one
common share purchase warrant. Each warrant entitles the holder 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 on
or after August 5, 2008, 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, are subject to a “hold period” expiring on September 6, 2008 under
applicable securities laws in Canada.
In connection with the private placement, Murgor paid a cash commission to
registered persons equal to 7% of the proceeds from the sale of the units and
flow-through shares, and granted “broker warrants” to such persons entitling
them to purchase a number of units and flow-through shares equal to 7% of the
number of units and flow-through shares, respectively, sold in the private
placement.
Following the private placement, there are 29,342,780 common shares of Murgor
issued and outstanding.
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
MORE INFORMATION PLEASE VISIT MURGOR’S WEBSITE AT WWW.MURGOR.COM OR CONTACT:
André C.
Tessier, President & CEO
Michael Joyner, Investor Relations
MURGOR RESOURCES INC.
THE
EQUICOM GROUP
Tel: (613) 546-7503 or 1-888-891-3330 Tel: (416)
815-1700 or 1-800-385-5451 ext 275
Fax: (613) 546-7318
Fax: (416)
815-0080
E-mail: info@murgor.com
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.