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Private Placement
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TORONTO, ONTARIO - Tsodilo Resources Limited (the "Company") (TSX
Venture Exchange: TSD) is pleased to announce that it has negotiated a
non-brokered private placement of 331,386 units of the Company (the
"Units") at a price of CDN $0.70 per common share for proceeds to the
Company of CDN $231,970. Each Unit consists of one common share of the
Company and one a warrant of the Company, each such warrant entitling
the holder to purchase one common share of the Company at a price of
CDN $0.70 for a period of two years. Closing of this transaction is
subject to regulatory approval. Proceeds from this financing will be
added to the Company's working capital.
Tsodilo Resources Limited is an international
Diamond exploration
company engaged in the search for economic kimberlites at its Newdico
(Pty) Limited ("Newdico') and Gcwihaba Resources (Pty) Limited
("Gcwihaba") projects in northwest Botswana. In addition to its
kimberlite exploration program, the Company maintains an active base
and precious metals exploration program through its Gcwihaba
subsidiary.
The Republic of Botswana is the leading producer of diamonds, by value,
in the world and the world's second-largest producer by volume. Its
mines are amongst the most profitable in the world and they are a
member of the Kimberley Process Certification Scheme (KPCS) which
imposes extensive requirements on its members to enable them to certify
shipments of rough diamonds as 'conflict-free'. The country is
democratically ruled, boasting a growing economy and a stable political
environment.
The Company has an 94% stake in Newdico (9,400 square kilometers under
Diamond license) while Trans Hex Group, a South African
Diamond mining
and marketing company, holds the remaining 6%. The southern and
northern Gcwihaba project area (4,310 square kilometers under
Diamondlicense and 5,400 square kilometers under base and precious metals
licenses) is 100% held by the Company. Tsodilo manages the exploration
of both the Newdico and Gcwihaba license areas. The Company has
offices in Toronto, Canada and Gaborone and Maun, Botswana. Please
visit the Company's website, www.TsodiloResources.com, for additional
information and background on our projects.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release. This
news release may contain assumptions, estimates, and other
forward-looking statements regarding future events. Such
forward-looking statements involve inherent risks and uncertainties and
are subject to factors, many of which are beyond the Company's control,
which may cause actual results or performance to differ materially from
those currently anticipated in such statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
James M. Bruchs - President and Chief Executive Officer
E-Mail: JBruchs@TsodiloResources.com
Head Office: Telephone +1 416 572 2033
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Copyright (c) 2009 TSODILO RESOURCES LTD. (TSX-TSD) All rights
reserved. For more information visit our website at
http://www.tsodiloresources.com/ or send
mailto:info@tsodiloresources.com
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