TORONTO, ONTARIO--(Marketwire - Sept. 17, 2012) - Morumbi Resources Inc. (TSX VENTURE:MOC) ("Morumbi" or the "Company") is pleased to announce that it has closed the final tranche of the non-brokered private placement offering (the "Offering") for gross proceeds of $100,000. The Company issued 250,000 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 14, 2014, subject to earlier exercise in accordance with the terms thereof.
Together with the closing of the first tranche on September 10, 2012, Morumbi has issued a total of 1,250,000 Units resulting in total gross proceeds to the Company of $500,000 from the sale of Units pursuant to the Offering. In connection with the Offering, the Company paid $6,000 in cash fees and also issued 15,000 finder warrants (the "Finder Warrants") to an eligible arm's length person. Each Finder Warrant entitles the holder thereof to acquire one Unit of the Company at a price of $0.40 per Unit until September 14, 2014.
All securities issued pursuant to the Offering, including the Common Shares and Warrants underlying the Units, the Common Shares underlying the Warrants, the Finder Warrants and the Common Shares and Warrants underlying the Finder 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 the Company's 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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