Kingston, Ontario, December 5, 2008 – Murgor Resources Inc. (TSX-V : MGR) announces that it has completed the final closing of its previously-announced private placement by issuing an aggregate of 2,838,000 “flow-through” common shares to three limited partnerships associated with MineralFields Group of Toronto, Ontario at a price of $0.10 per share, for gross proceeds to Murgor of $283,800. Each share is accompanied by one-half of a common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of Murgor at a price of $0.25 per share for a period of twelve months from the date of issuance, and thereafter at a price of $0.40 per share for a period of twenty-four months from the date of issuance.
The sale of the 2,838,000 “flow-through” shares represents the final closing of a private placement of 4,038,000 “flow-through” shares, under which Murgor raised an aggregate amount of $403,800.
In connection with the private placement, Murgor paid a finder’s fee to Limited Market Dealer Inc., consisting of 113,520 common shares, 56,760 common share purchase warrants, representing 4% of the number of securities issued in the private placement. Each warrant entitles Limited Market Dealer Inc. to purchase one additional common share of Murgor at a price of $0.25 per share for a period of twelve months from the date of issuance, and thereafter at a price of $0.40 per share for a period of twenty-four months from the date of issuance. Murgor also issued a compensation option entitling Limited Market Dealer Inc. to purchase up to 227,040 units of Murgor, representing 8 % of the number of “flow-through” common shares sold in the private placement. The compensation option is exercisable at a price of $0.10 per unit for a period of two years. Each unit will be comprised of one common share of Murgor and one-half of a common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of Murgor at a price of $0.25 per share for a period of twelve months from the date of issuance, and thereafter at a price of $0.40 per share for a period of twenty-four months from the date of issuance.
Under applicable securities legislation and the policies of the TSX Venture Exchange, the securities issued at the first closing of the private placement are subject to a four month hold period.
Murgor will use the proceeds from the private placement to explore its properties in Manitoba and Saskatchewan.
As a result of the final closing, there are 33,798,560 common shares of Murgor issued and outstanding.
About MineralFields, Pathway and First Canadian Securities ®
MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at
www.mineralfields.com. First Canadian Securities®, a division of Limited Market Dealer Inc., is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, with investors both within, and outside of MineralFields Group.
About Murgor Resources
Murgor Resources Inc. is a mineral exploration and development company focused on copper, zinc and gold deposits. Late in 2006, the company signed agreements with HudBay Minerals (TSX:HBM), acquiring the right to earn a 100% interest in three deposits, adjacent to the Snow Lake and Flin Flon, Manitoba mining districts. The exploration targets for Murgor consist of polymetallic massive sulphide deposits in one of the most prolific greenstone belts in Canada and the world.
For more information, please visit Murgor’s website at
www.murgor.com or contact:
André C. Tessier, President and CEO Ashleigh Meyer
MURGOR RESOURCES INC. Investor Relations - The Equicom Group
Tel: (613) 546-7503 or 1 888 891-3330 Tel: (416) 815-0700 ext. 266 or 1 800 385-5451
Fax: (613) 546-7318 Fax: (416) 815-0080
E-mail:
info@murgor.com E-mail:
ameyer@equicomgroup.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
