Moto Goldmines Limited closes over-allotment option


    TSX Code - MGL
    AIM Code - MOE

    PERTH, WESTERN AUSTRALIA, May 15 /CNW/ - Moto Goldmines Limited ("Moto"
or the "Company") is pleased to announce the closing of the issue of an
additional 2,679,000 common shares at a price of C$2.80 per share, for gross
proceeds of C$7,501,200 pursuant to the exercise of the over-allotment option
(the "Over-Allotment Option") granted by Moto to a syndicate of underwriters,
co-led by GMP Securities L.P. and BMO Capital Markets and including RBC
Capital Markets and Haywood Securities Inc. (collectively, the
"Underwriters"). The Over-Allotment Option was granted to the Underwriters in
connection with Moto's short form prospectus offering (the "Offering") of
17,860,000 common shares at C$2.80 per share, for gross proceeds of
C$50,008,000, which closed on April 27, 2008. The total gross proceeds raised
pursuant to the Offering and the Over-Allotment Option were C$57,509,200.

    This news release does not constitute an offer to sell or the
solicitation of an offer to buy any common shares within the United States.
The common shares have not been offered and will not be registered under the
United States Securities Act of 1933, as amended (the "1933 Act"), or any
state securities laws. Accordingly, the common shares may not be offered or
sold in the United States or to U.S. persons (as such terms are defined in
Regulation S under the 1933 Act) unless registered under the 1933 Act and
applicable state securities laws or an exemption from such registration is

    %SEDAR: 00022305E

For further information:

For further information: in respect of the Company's activities, please
contact Andrew Dinning, President and Chief Operating Officer, Tel: +61 8 9273
4222, Email:; Mark Arnesen, Financial Director and
Chief Financial Officer, Tel: +61 8 9273 4222, Email:; Moto Goldmines Limited website:; Nominated advisor for the purposes of AIM: RFC
Corporate Finance Ltd, Steve Allen, Tel: +61 8 9480 2508, Email:; AIM Broker: GMP Securities Europe LLP, James Hannon,
Tel: +44 207 647 2803, Email:

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