TORONTO, ONTARIO--(Marketwire - Sept. 10, 2012) - Morumbi Resources Inc. (TSX VENTURE:MOC) ("Morumbi" or the "Company") is pleased to announce that it has closed a non-brokered private placement offering (the "Offering") for aggregate gross proceeds of $400,000. The Company issued 1,000,000 units (each a "Unit"), at a price of $0.40 per Unit. Each Unit consists of one common share of the Company ("Common Share") and one common share purchase warrant (each a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share of the Company at a price of $0.45 until September 10, 2014, subject to earlier exercise in accordance with the terms thereof.
In connection with the Offering, the Company paid an aggregate amount of $14,520 in cash fees and also issued an aggregate of 36,300 finders warrants (the "Finders Warrants") to certain eligible arm's length persons. Each Finders Warrant entitles the holder thereof to acquire one Unit of the Company at a price of $0.40 per Unit until September 10, 2014.
All securities issued pursuant to the Offering, including the Common Shares and Warrants underlying the Units, the Common Shares underlying the Warrants, the Finders Warrants and the Common Shares and Warrants underlying the Finders Warrants are subject to a four (4) month and one (1) day statutory hold commencing from closing. The Offering is subject to TSX Venture Exchange acceptance of requisite regulatory filings. The proceeds raised from the Offering will be used for general working capital.
Morumbi Resources Inc. is a public company with a light oil property in northwest Alberta as well as early stage mineral exploration licences in PNG. Morumbi is also currently evaluating resource opportunities in Bougainville, PNG by forming strategic relationships with local Landowner companies with the view to securing mineral exploration licences on their traditional lands. The Company trades on the TSX Venture Exchange under the symbol "MOC". For more information about Morumbi and its plans visit our website at www.morumbi.ca.Neither the 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.
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