Ressources Minières Pro-Or Inc.

Ressources Minières Pro-Or Inc.

August 11, 2008 15:04 ET

Pro-Or: Amendment of Private Placement of 1 100 000$ (In the purchase conditions and private placement's amount)

MONTREAL, QUEBEC--(Marketwire - Aug. 11, 2008) - Ressources Minieres Pro-Or Inc. (TSX VENTURE:POI) announces that she is amending the terms of the private placement as well as the amount previously announced on July 8th, 2008. The maximum amount of the private placement is $1,080,000 in the form of units. The units are priced at $5,400 and consist of; 12,000 class "A" shares at $0.45; and 12,000 warrants to purchase Class (A) shares of the Company at $0.70 for a 12 month period. This private placement is being offered to qualified investors only.

Proceeds from the private placement will be used for working capital and particularly for the St-Augustin's Plant operations.

Shares issued pursuant to the offering will be subject to a four-month hold period. The company is not planning to pay any finders' fee on the transaction, which is subject to regulatory approval.

"About Pro-Or"

Founded in 1986, Pro-Or is active at its plant in St-Augustin-de-Desmaures and the testing stage is completed. During this phase of development, about 1,200kg of recycled automotive catalytic converters were processed. Pro-Or has recovered platinum group elements (Pt, Pd, Rh) for approximately $130,000. The plant will soon pass the active phase of production and the management will issue a press release to that effect in the upcoming weeks.

Pro-Or is focusing its exploration activities on the Menarik property in the James Bay region, which contains a deposit of chromite enriched with platinum group metals (PGMs). The property also offers significant potential for gold, nickel and copper. There is currently a team of three geologists along with two technicians, supervised by Yvan Bussieres, engineer-geologist and qualified person, working on the property, on those geophysical anomalies.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release

Contact Information

  • Ressources Minieres Pro-Or Inc.
    Pierre Gevry, President
    514-849-9260 (FAX)