/THIS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT
INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
- Raises Total of $848,473
MONTREAL, March 14 /CNW/ - Murgor Resources Inc. (MGR: TSX-V) announces
that it has completed its previously announced rights offering with its
shareholders by issuing an aggregate of 1,414,122 units at a price of
$0.60 per unit, for gross proceeds to Murgor of approximately $848,000.
Approximately $698,000 was received from the exercise of rights by
shareholders and the balance of $150,000 was received from Mr. Alexander Gary
Notar pursuant to the terms of a standby purchase agreement dated January 15,
2008. Each unit consists of one common share of Murgor and one common share
purchase warrant. Each common share purchase warrant will entitle the holder
to acquire one additional common share of Murgor at a price of $1.00 until
March 3, 2009. In the event that the closing price of Murgor's shares on the
TSX Venture Exchange is $1.20 or more for a period of 20 consecutive trading
days, Murgor will have the right to accelerate the expiry date of the warrants
to a date that is at least 30 days after the date of a notice to that effect
from Murgor to the holders of warrants. The units were issued pursuant to a
rights offering circular dated January 28, 2008.
The proceeds from the rights offering will be used for exploration on
Murgor's properties in Manitoba and for working capital purposes. In the event
the warrants are exercised, the proceeds will be used for the same purposes.
As a result of the rights offering, there are 24,111,202 common shares of
Murgor issued and outstanding.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
For further information:
For further information: ON MURGOR, PLEASE VISIT OUR WEBSITE AT
WWW.MURGOR.COM OR CONTACT: André C. Tessier, President & CEO, MURGOR RESOURCES
INC., Tel: (613) 546-7503 or 1 (888) 891-3330, Fax: (613) 546-7318, E-mail:
firstname.lastname@example.org, Web site: www.murgor.com; Or Michael Joyner, Investor
Relations - The Equicom Group, Tel: (416) 815-0700 ext. 275 or 1 (800)
385-5451, E-mail: email@example.com