Re: Press Release - Wednesday, August 19, 2009
Title: Mindoro Arranges Private Placement
EDMONTON, Alberta; August 19, 2009 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) today announced that it has arranged for the sale of up to 6,000,000 units to qualified investors at a price of $0.10 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 $0.20 per share in the first year or $0.30 per share in the second year. The length of the exercise period of the Purchase Warrants will be shortened to 30 days if the closing price of Mindoro's listed shares exceeds the price of $0.35 per share for 10 consecutive trading days within the first year or exceeds the price of $0.50 per share for 10 consecutive trading days within the second year. The Company may pay finder's fees as allowed by the policies of the TSXV.
Net proceeds of the offering will be used to further advance Mindoro's gold and copper-gold projects in the Philippines and for general working capital. The terms of the private placement are subject to regulatory approval.
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 NI 43-101 resource estimates on its Agata North nickel-cobalt project and on both its Lobo (SWB) and Archangel (Kay Tanda) gold-silver projects. Mindoro has identified 22 porphyry copper-gold prospects and has a Memorandum of Understanding with Avocet Mining and a Memorandum of Agreement with Gold Fields covering its Batangas projects.
Mindoro is well positioned to capitalize on the global demand for gold with plans to drill the Lobo and El Paso copper-gold projects, funded by Gold Fields, and drill the American Tunnels gold /copper-gold project, commencing in August. Final results are also awaited from due diligence drilling on the Kay Tanda gold project, funded by Avocet. Additional near-term objectives include finalizing one to two joint venture arrangements on Mindoro's porphyry copper-gold prospects at Pan de Azucar and Surigao and identifying a suitable partner to fund development of the significant Agata North nickel resource.
For further information, contact:
Mindoro Head Office
Penny Gould, President
penny@mindoro.com
Tel: 780.413.8187 or
Toll Free: 1.877.413.8187
www.mindoro.com
Investor Relations - Canada
Senergy Communications Inc.
Investor Relations
ir@mindoro.com
Tel: 1.778-331-2030
Investor Relations - Europe
Robert Sarcher
robert@mindoro.com
Tel. 49.821.6089051
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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 and the uncertainty of the availability of capital). 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.
Copyright � 2009 MINDORO RESOURCES LTD. (MIO) All rights reserved. For more information visit our website at
http://www.mindoro.com/ or send email to
ir@mindoro.com ..
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Mindoro Resources Ltd
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EN DÉVELOPPEMENT |
CODE : MIO.V |
ISIN : CA6029131050 |
CUSIP : 602913105 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Mindoro Res. est une société d’exploration minière de nickel et de cuivre basée au Canada. Mindoro Res. est en développement de projets de nickel, de cuivre, de cobalt et de fer aux Philippines, et détient divers projets d'exploration aux Philippines. Son principal projet en développement est AGATA aux Philippines et ses principaux projets en exploration sont LOBO, ARCHANGEL, TAPIAN MAIN et TAPIAN SAN FRANCISCO aux Philippines. Mindoro Res. est cotée au Canada, aux Etats-Unis D'Amerique, en Australie et en Allemagne. Sa capitalisation boursière aujourd'hui est 1,5 millions CA$ (1,1 millions US$, 1,0 millions €). La valeur de son action a atteint son plus haut niveau récent le 22 juin 2007 à 1,31 CA$, et son plus bas niveau récent le 05 juillet 2016 à 0,01 CA$. Mindoro Res. possède 297 437 399 actions en circulation. |