Mundoro Announces Closing of Common Share Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 18, 2013) - Mundoro Capital Inc. (TSX VENTURE:MUN) (www.mundoro.com) ("Mundoro" or the "Company") is pleased to announce that it has closed a non-brokered private placement (the "Offering") consisting of 1,550,000 common shares (the "Common Shares") sold at a price of $0.28 per Common Share to Sheridan Platinum Group Ltd. ("Sheridan Group").
The Offering represents the completion of the strategic investment in the Company by the Sheridan Group that was previously announced in July 2012. As a result of the Offering, the Sheridan Group now holds, directly and indirectly, a total of 5,697,000 Common Shares representing approximately 13.1% of the Company's issued and outstanding shares and will therefore become a new insider of the Company, as that term is defined in applicable securities laws. As previously announced, as part of the strategic investment the Sheridan Group has been granted one board seat and has agreed to certain voting and standstill covenants. In connection with the private placement, the Board of Directors of the Company received a fairness opinion from Morrison Park Advisors, Mundoro's independent financial advisor.
The net proceeds of the Offering will be used to further advance exploration activities on the Tethyan Belt in Southeastern Europe. All Common Shares issued in connection with the Offering are subject to a statutory hold period expiring on November 19, 2013. The Offering is subject to receipt of final approval from the TSX Venture Exchange.
On behalf of the Company,
Teo Dechev, Chief Executive Officer, President and Director
About Mundoro Capital Inc.
Mundoro is a well-funded, Canadian based, company focused on mineral acquisition, exploration, and development. Our primary focus is advancing our properties on the Tethyan Belt in Southeastern Europe. Mundoro has methodically acquired a district-scale land position on this prolific mineral belt which hosts significant Gold-Copper porphyry and related epithermal deposits. Our strong project pipeline, which also includes assets in Mexico and China, is positioned to drive long-term, sustainable growth in order to attain production and shareholder return.
Caution Concerning Forward‐Looking Statements
Information included, attached to or incorporated by reference into this News Release may contain forward looking statements. All statements, other than statements of historical fact, included or incorporated by reference in this News Release are forward-looking statements, including, without limitation, statements regarding activities, events or developments that the Board expects or anticipates may occur in the future. These forward-looking statements can be identified by the use of forward-looking words such as "will", "expect", "intend", "plan", "estimate", "anticipate", "believe" or "continue" or similar words or the negative thereof. The material assumptions that were applied in making the forward looking statements in this News Release include expectations as to the Company's future strategy and business plan and execution of the Company's existing plans. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur. We caution readers of this News Release not to place undue reliance on forward looking statements contained in this News Release, which are not a guarantee of performance and are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, changes in law, regulatory processes, the status of Mundoro's assets and financial condition, actions of competitors and the ability to implement business strategies and pursue business opportunities. The forward-looking statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties and for a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on www.sedar.com.
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.