FOR IMMEDIATE RELEASE
Molycor completes PRIVATE PLACEMENT
September 9, 2009 - Vancouver, British Columbia
Molycor Gold Corp. (TSX.V-MOR; Frankfurt-M1V; Pink Sheets-MLYFF) (�Molycor� or the �Company�) is pleased to announce that further to its earlier announced news releases, the Company has closed the final portion of its non-brokered private placement raising gross proceeds of $487,760 comprised of 6,097,000units (the �Unit�) at a price of $0.08 per Unit. The Company raised total proceeds of $711,940 comprised of 8,899,250 Units from both the first and final closings.
Each Unit is comprised of one common share in the capital of the Company plus a two year share purchase warrant (the �Warrant�). Each Warrant entitles the holder to purchase one common share at a price of $0.12 for two years from the date of issue. All of the securities issued pursuant to this private placement will have a hold period expiring four months and one day after the closing date.
The proceeds of this private placement will be used toward exploration and general working capital.
The Company has paid Finder�s Fees totaling $34,196 cash and 265,000 Agent�s Warrants exercisable at $0.08 for two years, in connection with the final portion of the private placement.
About Molycor Gold Corp.
Molycor is a diversified precious and base metal exploration and development company focusing on magnesium, molybdenum and gold exploration in North America.
On Behalf of Management
Larry W. Reaugh
Chief Executive Officer
Information Contact
Larry W. Reaugh
Chief Executive Officer
Head Office: 2A 15782 Marine Drive, White Rock, B.C. V4B 1E6
Telephone: 604-531-9639 Facsimile: 604-531-9634
Email: info@molycor.com
www.molycor.com
Cautionary Notice: The Reader is cautioned that the full Cautionary Notice is not attached to this email. The reader is requested to access the news release on the Company�s website at www.molycor.com or at SEDAR at www.sedar.com to read the full Cautionary Notice. The full Cautionary Notice is not attached as the recipient�s spam filters frequently block receiving emails containing the full Cautionary Notice.