By Sheri Kasprzak
New York, May 4 - Medoro Resources Ltd. has priced a C$3,295,800 private placement.
The offering includes up to 16,479,000 subscription receipts at C$0.20 each to Gold Fields Ltd.
The receipts will be exchanged for units of one share and one half-share warrant once Medoro finishes its acquisition of Panwest Seas Corp. Ltd.
The whole warrants are exercisable at C$0.40 each for two years.
Proceeds will be used for exploration on the company's Lo Increible properties.
Toronto-based Medoro is a gold exploration and development company.
| Issuer: | Medoro Resources Ltd.
|
| Issue: | Subscription receipts exchangeable for units of one share and one half-share warrant
|
| Amount: | C$3,295,800
|
| Receipts: | 16,479,000
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit upon exchange
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
| Investor: | Gold Fields Ltd.
|
| Announcement date: | May 4
|
| Stock symbol: | TSX Venture: MRL
|
| Stock price: | C$0.20 at close May 4
|
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