Letter of Intent Signed

Medoro Resources Signs Engagement Letter to Raise up to $10 million

 

    /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION

    IN THE UNITED STATES/

 

    TORONTO, Jan. 25 /CNW/ - Medoro Resources Ltd. (TSX-V/AIM: MRL) announced

today that it has entered into an agreement with GMP Securities L.P. to raise

on a 'best-efforts' basis, and subject to the parties executing a formal

agency agreement, up to $10 million through the sale of 142,857,143 units on a

private placement basis. The financing is subject to regulatory approval.

    Each unit will be offered at a price of $0.07 per unit and will consist

of one common share of the Company and one half of one common share purchase

warrant, with each whole warrant being exercisable for a period of 18 months

from the closing date at an exercise price of $0.15.

    The funds will be used for general corporate and working capital

purposes, which may include costs associated with the identification of

potential acquisitions.

    The Company intends to apply to have the common shares issuable as part

of the units and the common shares issuable upon exercise of the warrants

forming part of the units listed on the TSX Venture Exchange and admitted to

trading on the Alternative Investment Market (AIM) of the London Stock

Exchange plc.

 

    Medoro Resources is a gold exploration and development company focused on

gold opportunities in Italy and elsewhere in Europe.

 

    THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT

    RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE

 

    The securities being offered have not been, nor will they be, registered

under the United States Securities Act of 1933, as amended, and may not be

offered or sold within the United States or to, or for the account or benefit

of, U.S. persons absent U.S. registration or an applicable exemption from U.S.

registration requirements. This release does not constitute an offer for sale

of securities in the United States.

 

 

        /For further information: Peter Volk, Secretary, [phone],

info(at)medororesources.com/

    (MRL.)