Medoro Announces Second Private Placement


    TORONTO, June 11 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS) announced
today that it intends to complete, on a "best efforts" private placement
basis, an offering of up to 11,200,000 common shares at a price of C$0.1875
per share, for gross proceeds of up to C$2,100,000. This offering is in
addition to the previously announced private placement of up to 57,500,000
common shares at a price of C$0.12 per share for gross proceeds of up to
    The private placements in aggregate represent offerings of up to
68,700,000 common shares for aggregate gross proceeds of up to C$9,000,000.
Both private placements are expected to close prior to the end of June 2009,
subject to finalisation of subscription agreements and receipt of regulatory
approval. GMP Securities L.P. will be the sole agent in respect of both
private placements, which are subject to the parties executing a formal agency
    All securities issued as part of both private placements will be subject
to a four-month hold period from the closing date. The funds raised will
principally 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, as well as for
other general and corporate purposes.
    The private placements will be made in compliance with the rules of the
TSX Venture Exchange.

    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)

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890