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
murgor.com | MGR : TSX-V
KINGSTON, ON, Dec. 11, 2012 /CNW/ - Murgor Resources Inc. (TSXV: MGR) has raised gross proceeds of $110,000 at a first closing of a private placement by issuing 2,200,000 "flow-through" units at a price of $0.05 per unit. Murgor issued the securities to "accredited investors" in Québec and Ontario. Murgor will use the proceeds from the private placement for exploration on its properties in Ontario.
Each of the 2,200,000 "flow-through" units is comprised of one common share and one common share purchase warrant. Each warrant entitles its holder to acquire one additional common share of Murgor at a price of $0.10 per share for a period of twelve months from the date of issuance and at a price of $0.12 per share for a period of twelve months thereafter.
Murgor paid a finder's fee to a registered dealer in an amount equal to 7% of the proceeds from the sale of the "flow-through" units.
The securities issued by Murgor at the first closing of the private placement are subject to a four-month "hold period" ending on April 7, 2013 under applicable securities legislation and the policies of the TSX Venture Exchange.
Following the first closing of the private placement, there are 123,325,590 common shares of Murgor issued and outstanding. Additional closings of the private placement may be held until December 31, 2012.
Golden Arrow Update:
Murgor has now completed a 1,237 metre drill program in eleven drill holes at Golden Arrow. The objective of the program was to test areas within the shell of an optimized open pit design, to increase the potential gold resource within this shell. Results will be released when they are all received.
About Murgor Resources
Murgor Resources Inc. is a mineral exploration and development company focused on near-term production at the Golden Arrow Gold Mine in Ontario. Murgor also owns a 100% interest in two gold-copper deposits in the Snow Lake and Flin Flon mining districts of Manitoba. Murgor further owns an exceptional portfolio of gold properties in proven mining districts of Canada, as well as a 1% NSR royalty in the Barry Gold Mine and the Windfall Gold Project in Québec.
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.
SOURCE: Murgor Resources Inc.
For further information:
PLEASE VISIT MURGOR'S WEBSITE AT WWW.MURGOR.COM OR CONTACT:
Cathy Hume, CEO
CHF INVESTOR RELATIONS
Tel: (416) 868-1079 ext 231
Jeremy Hill, Account Manager
CHF INVESTOR RELATIONS
Tel: (416) 868-1079 ext 238