October 21, 2010 09:30 ET

IFC Enters Into Binding Agreement With Mindoro Resources Ltd. to Purchase 10,000,000 Common Shares of Mindoro by Private Placement

WASHINGTON, DISTRICT OF COLUMBIA--(Marketwire - Oct. 21, 2010) -


IFC, a member of the World Bank Group, entered into a binding agreement (the "Agreement") with Mindoro Resources Ltd. ("Mindoro") to purchase 10,000,000 common shares at a price of CAD$0.20 per share to be issued by Mindoro by private placement (the "Transaction"). The Transaction is subject to a number of conditions including the completion of a prospectus offering (the "Australian Offering") to raise A$8,000,000 (approximately C$8,000,000) of gross proceeds from the issue of securities in Australia. IFC previously acquired 10,000,000 common shares and 10,000,000 warrants (the "Warrants") for the purchase of common shares in a private placement which closed on July 26, 2010. Each Warrant entitles the holder to acquire one additional common share at a price of CAD$0.31 per share for five years from the date of closing.

Assuming the completion of the Australian Offering, there will be 191,960,155 outstanding common shares of Mindoro. Pursuant to the Transaction, IFC will acquire beneficial ownership of 4.95% of the outstanding common shares assuming the completion of the Australian Offering. Immediately upon the closing of the Transaction, it is expected that IFC will directly hold approximately 9.9% of Mindoro's outstanding common shares and approximately 14.15% percent of the outstanding common shares assuming the exercise of all of the Warrants held by IFC.

The Transaction is expected to close by the end of November, 2010 concurrently with the Australian Offering

IFC is acquiring the common shares for investment purposes. IFC may, in the future, take such actions in respect of its holdings as IFC deems appropriate in light of the circumstances then existing.

About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. IFC creates opportunity for people to escape poverty and improve their lives. IFC does so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, IFC's new investments climbed to a record $18 billion in fiscal 2010. For more information, visit www.ifc.org.

International Finance Corporation, 2121 Pennsylvania Avenue N.W., Washington D.C. 20433

Contact Information

  • For further information, including to obtain a copy of the
    report filed with the Canadian securities regulatory
    authorities in respect of which this news release relates,
    please contact: In Washington, D.C.: Josef Skoldeberg
    (202) 473-6978