Letter of Intent Signed
Medoro Resources Signs Engagement Letter to Raise up to $10 million
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES/
TORONTO, Jan. 25 /CNW/ - Medoro Resources Ltd. (TSX-V/AIM: MRL) announced
today that it has entered into an agreement with GMP Securities L.P. to raise
on a 'best-efforts' basis, and subject to the parties executing a formal
agency agreement, up to $10 million through the sale of 142,857,143 units on a
private placement basis. The financing is subject to regulatory approval.
Each unit will be offered at a price of $0.07 per unit and will consist
of one common share of the Company and one half of one common share purchase
warrant, with each whole warrant being exercisable for a period of 18 months
from the closing date at an exercise price of $0.15.
The funds will be used for general corporate and working capital
purposes, which may include costs associated with the identification of
potential acquisitions.
The Company intends to apply to have the common shares issuable as part
of the units and the common shares issuable upon exercise of the warrants
forming part of the units listed on the TSX Venture Exchange and admitted to
trading on the Alternative Investment Market (AIM) of the London Stock
Exchange plc.
Medoro Resources is a gold exploration and development company focused on
gold opportunities in Italy and elsewhere in Europe.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
The securities being offered have not been, nor will they be, registered
under the United States Securities Act of 1933, as amended, and may not be
offered or sold within the United States or to, or for the account or benefit
of, U.S. persons absent U.S. registration or an applicable exemption from U.S.
registration requirements. This release does not constitute an offer for sale
of securities in the United States.
/For further information: Peter Volk, Secretary, (416) 603-4653,
info(at)medororesources.com/
(MRL.)
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