Kingston, Ontario, December 15, 2009 - Murgor Resources Inc. (TSX-V : MGR) announces that it has completed a first closing of a private placement in the amount of $1,044,267 by issuing 5,801,483 “flow-through” common shares at a price 0.18 per share. Murgor will use the proceeds from this placement to explore its advanced copper-gold projects in Manitoba and its high potential gold projects in the Red Lake district of Ontario and in the Chibougamau district of Quebec.
The sale of the 5,801,483 “flow-through” common shares represents the first tranche of a private placement of up to 8,333,333 “flow-through” common shares, for maximum gross proceeds to Murgor of $1,500,000. Murgor anticipates that the final closing of the private placement will take place on or about December 31, 2009.
In connection with the private placement, Murgor paid finders’ fees to registered persons, in an amount equal to 7% of the proceeds from the sale of the “flow-through” shares through such registered persons.
The common shares issued by Murgor under the private placement are subject to a four-month hold period, in accordance with applicable securities laws and the policies of the TSX Venture Exchange. The first closing of the private placement has increased the number of outstanding common shares of Murgor to 61,744,426.
About Murgor Resources
Murgor Resources Inc. is a mineral exploration and development company focused on copper, gold and zinc in Canada. The company owns a 100% interest in two deposits, adjacent to the Snow Lake and Flin Flon mining districts of Manitoba, and is earning a 100% interest in the Fon zinc deposit in Saskatchewan. The deposits were initially optioned from HudBay Minerals Inc. (TSX:HBM). Murgor is also exploring an exceptional portfolio of gold properties in proven mining districts of Canada such as the Red Lake Gold District of Ontario and the Chibougamau Gold-Copper District of Quebec.
The table below shows the total 43-101 compliant resource for Murgor's Hudvam, Wim and Fon deposits.
Andre C. Tessier, P.Geo., P.Eng. and President & CEO for Murgor Resources Inc. is a Qualified Person as defined by NI-43-101 and is responsible for the technical information presented in this press release.
This news release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization, resources and reserves, exploration results, and future plans and objectives of Murgor, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Murgor's expectations are exploration risks detailed herein and from time to time in the filings made by Murgor with securities regulators.
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