Metanor Resources Inc. Announces the Closing of a Non-Brokered Private Placement
VAL-D'OR, QUEBEC, CANADA -- (Marketwire) -- 12/29/10 -- Metanor Resources Inc. ('Metanor') (TSX VENTURE: MTO) announces the second closing on December 23, 2010, of a non-brokered private placement to Canadian investors for gross proceeds of $780,250. The private placement consisted of 1,515,048 Flow-Through Shares (the 'Shares') at a price of $0.515 per share.
Metanor will use the net proceeds of the private placement for exploration work on its admissible properties located in the province of Quebec.
In connection with the private placement, Metanor paid finders' fees representing 7% of the gross proceeds raised in the private placement.
All securities issued are subject to a holding period of four months and one day from the date of closing.
The Shares have not been registered under the United States Securities Act of 1933 (the 'Act') and may not be offered or sold absent of registration under the Act or an applicable exemption from registration requirements thereof. This press release does not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction or an exemption therefrom.
152,058,355 outstanding shares
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.
Contacts:
Metanor Resources Inc.
Serge Roy
Chairman and CEO
819-825-8678