Majescor Resources Inc.
TSX VENTURE : MJX

Majescor Resources Inc.

February 26, 2010 15:21 ET

Majescor Announces a Private Placement

MONTREAL, QUEBEC--(Marketwire - Feb. 26, 2010) - Majescor Resources Inc. ("Majescor" or the "Company") (TSX VENTURE:MJX) is pleased to announce a non-brokered private placement offering (the "Offering") of 20,000,000 units (the "Units) at a price of $0.25 per Unit for gross proceeds of up to $5,000,000. Each Unit consists of one common share of the Company and one-half common share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share of the Company at a price of $0.40 for a period of 24 months following the closing of the Offering. The closing is expected to be on or before March 18, 2010. All securities issued in the Offering are subject to a four month hold period. Completion of the placement is subject to the approval of the TSX Venture Exchange.

In connection with the private placement, the Company may pay up to 8% of the gross proceeds of the Offering in cash and 8% of the warrants issued.

The proceeds of the Offering will be used to fund the Company's general working capital and exploration program on the SOMINE Copper-Gold property in Haiti. 

About Majescor Resources Inc.

Majescor is a junior explorer focusing on emerging mineral districts. Majescor currently holds a 10% interest in SIMACT Alliance Copper-Gold Inc. ("SACG"). On January 27, 2010, the Company announced it was exercising its option to acquire all of the remaining issued and outstanding common shares of SACG (see press release dated January 27, 2010). SACG holds title to 68.7% of all the issued and outstanding shares of SOMINE SA, a company incorporated under the laws of the Republic of Haiti. SOMINE SA's principal asset is its 100%-owned SOMINE copper-gold Property, located in the North-East mineral district of Haiti. Majescor's project portfolio also includes two uranium exploration projects in Quebec: Mistassini (100%-owned; under option to Strateco Resources Inc.) and Lac Laparre (100%-owned; under option to Virginia Energy Resources Inc.) In addition to uranium, Majescor owns 100% mineral rights to four gold and base metal properties in Madagascar (under option to Sunridge Gold Corp.)

On behalf of the Board of Directors of Majescor Resources Inc.:

Daniel F. Hachey
President, CEO and Director
dan@majescor.com
Tel: 613.241.5333 
Fax: 613.241.8632
www.majescor.com

Gary Economo
Manager, Corporate Communications
garye@majescor.com
Tel: 613.241-5333
Fax: 613-241-8632

Forward-Looking Statements

This News Release includes certain "forward-looking statements" which reflect management's expectations regarding the Company's future growth, results of operations, performance and business prospects and opportunities. This news release also contains forward-looking statements regarding the Company's use of proceeds from the Offering. These statements reflect Management's current beliefs at the time of this news release and are based on information currently available to Management. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Majescor Resources inc., 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 Management's expectations are exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.

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.

Contact Information

  • Majescor Resources Inc.
    Daniel F. Hachey
    President, CEO and Director
    613-241-5333
    613-241-8632 (FAX)
    dan@majescor.com
    or
    Majescor Resources Inc.
    Gary Economo
    Manager, Corporate Communications
    613-241-5333
    613-241-8632 (FAX)
    garye@majescor.com
    www.majescor.com