Canoro Resources Ltd.
TSX VENTURE : CNS

Canoro Resources Ltd.

December 20, 2007 09:24 ET

Canoro Resources Ltd. Closes $30 Million Bought Deal Financing

CALGARY, ALBERTA--(Marketwire - Dec. 20, 2007) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Canoro Resources Ltd. (TSX VENTURE:CNS) is pleased to announce that it has completed the issuance of 17,700,000 common shares at a price of $1.70 per share pursuant to its previously announced public offering in Canada, resulting in gross proceeds of approximately $30 million. The proceeds of the issuance will be used to fund Canoro's ongoing exploration and development activities in northeast India.

The offering was conducted by a syndicate of underwriters co-led by Cormark Securities Inc. and CIBC World Markets Inc. and including Fraser Mackenzie Limited, Jennings Capital Inc. and Westwind Partners Inc. (collectively, the "Underwriters").

Canoro has also granted the Underwriters an over-allotment option to purchase up to an additional 2,655,000 Common Shares to cover over-allotments, if any, for additional gross proceeds of approximately $4.5 million. The over-allotment option is exercisable in whole or in part for a period of 30 days following closing of the offering.

Canoro is a Canadian-based international oil and gas company operating in the Assam/Arakan basin of northeast India. Canoro is the operator of Amguri field with a 60% working interest. Canoro is the operator with a 65% working interest in the AA-ON/7 exploration block. Canoro also has a 15% non-operated working interest in the AA-ONN 2003/2 exploration block. Common shares of Canoro trade on the TSX Venture Exchange under the symbol 'CNS'.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction. The Common Shares will not and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • Canoro Resources Ltd.
    Rob McInnis
    Vice President, Business Development and Corporate Affairs
    (403) 543-5748
    (403) 543-5740 (FAX)
    or
    Canoro Resources Ltd.
    700, 717 - 7th Ave SW
    Calgary, Alberta T2P 0Z3
    Email: MAIL@CANORO.COM
    Website: www.canoro.com