TSX VENTURE EXCHANGE = MTO 201,686,865 outstanding shares
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
VAL-D'OR, QC, Nov. 30, 2011 /CNW Telbec/ - Metanor Resources Inc. ('Metanor') (TSXV: MTO) is pleased to announce that it has entered into an agreement with a
syndicate of agents co-led by Industrial Alliance Securities Inc. and
National Bank Financial Inc. (the "Agents") for a private placement of
up to 25,000,000 Units of Metanor at a price of $0.34 per Unit (the
"Offering Price") for aggregate gross proceeds of up to $8,500,000 (the
Each Unit will consist of one common share (the "Common Shares") of
Metanor and one-half of one non-transferable common share purchase
warrant (the "Warrants"). Each whole Warrant will entitle the holder to
purchase one Common Share over a period of two years at a price of
The Offering is being conducted on a best efforts basis by the Agents
and is expected to close on or about December 19, 2011 (the "Closing
Date"), subject to the receipt of applicable regulatory approvals,
including approval of the TSX Venture Exchange.
In addition, Metanor has granted the Agents an option (the
"Over-allotment Option") to offer up to an additional 15% of the Units
sold pursuant to the Offering, at the Offering Price, exercisable in
whole or in part at any time up to 30 days after the Closing Date, to
cover over-allotments, if any.
The aggregate proceeds raised from the issuance of the Units will be
used by Metanor to incur exploration expenditures and for working
Metanor has agreed to pay the Agents a cash commission of 6.5% of the
gross proceeds of the Offering.
The securities to be issued will be subject to a hold period of 4 months
and a day from the Closing Date.
Metanor is a Canadian based gold mining company with a focus on adding
value per share through efficient exploration, and development of it
properties. Maintaining a low risk profile through a strong operating
team, sound financial management, and operating in secure jurisdictions
like Quebec are key priorities for Metanor's management team.
Cautionary Language and Forward-Looking Statements
This press release includes certain statements that may be deemed
"forward-looking statements". All statements in this discussion, other
than statements of historical facts, that address future exploration
drilling, exploration activities, anticipated metal production,
internal rate of return, estimated ore grades, commencement of
production estimates and projected exploration and capital expenditures
(including costs and other estimates upon which such projections are
based) and events or developments that the Company expects, are forward
looking statements. Although the Company believes the expectations
expressed in such forward looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance,
and actual results or developments may differ materially from those in
forward-looking statements. Factors that could cause actual results to
differ materially from those in forward-looking statements include,
metal prices, exploration successes, continued availability of capital
and financing, and general economic, market or business conditions.
Accordingly, readers should not place undue reliance on forward-looking
Neither the TSX Venture Exchange, nor its Regulation Services Provider
accepts responsibility for the adequacy or accuracy of this release.
SOURCE METANOR RESOURCES INC.
For further information:
Ronald Perry, Vice-President
2872, Sullivan, suite 2
Val-d'Or, Quebec, J9P 0B9