OTTAWA, ONTARIO--(Marketwire - Dec. 30, 2011) - Mazorro Resources Inc. (TSX VENTURE:MZO)(FRANKFURT:JAM) ("Company" or "Mazorro") announces the closing of a private placement offering of flow-through shares (the "Offering") for total gross proceeds of $224,650. The Offering consisted of the issuance of 1,497,666 flow-through common shares (the "FT Shares") at a price of $0.15 per FT Share.
A Company director acquired a total of 100,000 FT Shares for proceeds to the Company of $15,000. The FT Shares issued in the Offering are subject to a four month hold period which will expire on May 1, 2012. Completion of the Offering is subject to TSX Venture Exchange final acceptance.
Finders' fees payable in connection with the Offering consist of cash commissions totaling $12,772.
Proceeds from the sale of flow-through shares will be utilized to fund additional drilling and other exploration costs for the Lapaska property in the Louvicourt Township of Quebec (the "Property") held under option from Adventure Gold Inc. The Property is comprised of 26 claims covering an area of approximately 352 hectares located 20 kilometres east of the city of Val d'Or, in the eastern part of the Val d'Or gold mining camp, Quebec. The flow-through share proceeds will be used to fund these Canadian exploration expenses prior to December 31, 2012 at the latest. The Company intends to renounce the qualifying expenditures to subscribers for the year ended December 31, 2011.
Mazorro Resources Inc. is a TSX Venture listed Canadian based precious metals exploration company that is active in creating value through exploration and development of bulk tonnage and high-grade gold deposits within Canada's Abitibi Gold district. Subsequent to the closing of the Offering Mazorro has 47,364,773 common shares outstanding.
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential mineralization) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, changes in world gold markets or markets for other commodities, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.Neither the TSX Venture Exchange or 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.
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