By Devika Patel
Knoxville, Tenn., June 11 - Medoro Resources Ltd. said it plans to conduct a C$2.1 million private placement of stock. The company announced a C$6 million financing on Tuesday and intends to conduct a second financing concurrently.
In the deal announced Tuesday, the company will sell 50 million shares at C$0.12 apiece on a best-efforts basis. There is a C$900,000 greenshoe.
In the second deal, the company will sell 11.2 million shares at C$0.1875 apiece on a best-efforts basis.
GMP Securities LP is the agent for both deals.
Proceeds will be used for the company's 2009 exploration and drilling program in Venezuela, for the performance of due diligence investigations and procedures on potential or announced acquisition targets in Colombia and for other general and corporate purposes.
Toronto-based Medoro is a gold exploration and development company.
| Issuer: | Medoro Resources Ltd.
|
| Issue: | Common stock
|
| Amount: | C$8.1 million
|
| Warrants: | No
|
| Agent: | GMP Securities LP
|
| Stock symbol: | TSX Venture: MRS
|
| Market capitalization: | C$19.98 million
|
|
|
| June 9 placement
|
| Amount: | C$6 million
|
| Greenshoe: | C$900,000
|
| Shares: | 50 million
|
| Price: | C$0.12
|
| Pricing date: | June 9
|
| Stock price: | C$0.16 at close June 9
|
|
|
| June 11 deal
|
| Amount: | C$2.1 million
|
| Shares: | 11.2 million
|
| Price: | C$0.1875
|
| Pricing date: | June 11
|
| Stock price: | C$0.225 at close June 11
|
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