Medoro Announces Execution of Lock-Up Agreements in Respect of Colombia Goldfields Acquisition


    TORONTO, June 25 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS) announced
today that it has entered into voting and lock-up agreements with certain
directors and executive officers (and an affiliate of an executive officer) of
Colombia Goldfields Ltd. in connection with its previously announced proposed
acquisition of all of the outstanding common shares of Colombia Goldfields.
Pursuant to the lock-up agreements, the directors and executive officers have
agreed, among other things, to vote all of their Colombia common shares and
options in favour of the proposed acquisition.
    The directors and executive officers collectively hold (or exercise
control or direction over) an aggregate of 17,465,000 Colombia Goldfields
common shares and securities convertible into Colombia Goldfields common
shares, representing approximately 13% of the outstanding Colombia Goldfields
common shares (on a fully-diluted basis).
    A copy of the arrangement agreement in connection with the Proposed
Acquisition has been filed under Medoro's profile on SEDAR and is available at

    Medoro Resources is a gold exploration and development company focused on
acquiring properties of merit for potential joint ventures with senior
producers. The company recently announced the execution of an arrangement
agreement to acquire the securities of Colombia Goldfields Ltd., which has
properties located in the Marmato District of Colombia. Medoro also holds a
100% interest in the Lo Increible 4A and 4B concessions in Venezuela and
interests in eleven gold exploration areas in the Republic of Mali. Additional
information on Medoro Resources can be found by visiting the company's website

    This communication shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of any such jurisdiction. This press release is not an offer of securities for
sale into the United States or Canada. No offering of securities shall be made
in the United States or Canada except pursuant to registration under the US
Securities Act of 1933, as amended, or an exemption therefrom.

    This press release contains forward-looking statements based on
assumptions, uncertainties and management's best estimates of future events.
Actual results may differ materially from those currently anticipated.
Investors are cautioned that such forward-looking statements involve risks and
uncertainties. Important factors that could cause actual results to differ
materially from those expressed or implied by such forward looking statements
are detailed from time to time in the company's periodic reports filed with
the British Columbia Securities Commission and other regulatory authorities.
The company has no intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as
    that term is defined in the policies of the TSX Venture Exchange) accepts
    responsibility for the adequacy or accuracy of this release

    %SEDAR: 00020446E

For further information:

For further information: Peter Volk, General Counsel & Secretary, (416)

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