OTTAWA, ONTARIO--(Marketwired - April 22, 2014) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
Majescor Resources Inc. ("Majescor" or the "Corporation") (TSX VENTURE:MJX) announces that it has completed the second tranche of a non-brokered private placement (see Majescor news release dated April 1, 2014 available at www.majescor.com or www.sedar.com) by issuing 250,000 units of the Corporation for gross proceeds of $15,000. Each Unit consisted of (i) one common share (the "Common Shares") of the Corporation at a price of $0.06 per Common Share and (ii) one common share purchase warrant (the "Warrants"). Each Warrant entitles the holder thereof to acquire one additional common share in the capital of the Corporation at a price of $0.12 per common share for a period of eighteen (18) months. All securities issued in the private placement are subject to a four-month hold period expiring on August 18th, 2014. The proceeds from the issuance of the units will be used for general working capital. A director of the Corporation subscribed for the entire tranche.
About Majescor Resources Inc.
Majescor Resources Inc. is a junior explorer focusing on emerging mineral districts. Majescor, through its 100%-held subsidiary SIMACT Alliance Copper-Gold Inc., holds a majority interest in SOMINE SA, a registered Haitian Company. SOMINE SA in turn holds 100% mineral rights to the Douvray porphyry copper-gold project and the Faille B vein gold project located in the Northeast mineral district of the Republic of Haiti, near the port-city of Cap-Haitian. The Douvray and Faille B projects are each covered by a five-year renewable Mining Exploitation Permit awarded to SOMINE SA on December 21, 2012 and are collectively covered by a Mining Convention executed with the State of Haiti on May 5, 2005 and valid until March 9, 2020. On January 15, 2013, Majescor published the first NI 43-101 compliant mineral resource estimate for the Douvray porphyry copper-gold project (Inferred Mineral Resource of 189.5 Mt grading 0.30% Cu, 0.05 g/t Au, 1.12 g/t Ag and 23.05 g/t Mo at a base cut-off of 0.1% Cu *).
* Mineral resources are not mineral reserves and do not have demonstrated economic viability.
On Behalf of Majescor Resources Inc.,
Marc-André Bernier, President & Interim CEO
To find out more about Majescor Resources Inc. (TSX VENTURE:MJX), SIMACT Alliance Copper Gold Inc. and the SOMINE copper-gold project, please visit our website at www.majescor.com.
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.