Majescor Resources Inc.
TSX VENTURE : MJX

Majescor Resources Inc.

December 05, 2006 16:39 ET

Majescor Closes Non-Brokered $150,000 Private Placement with SODEMEX II

MONTREAL, QUEBEC--(CCNMatthews - Dec. 5, 2006) - Majescor Resources(TSX VENTURE:MAJ) is pleased to announce that it has closed a non-brokered private placement totalling $150,000 with Sodemex II, a limited partnership sponsored by the Caisse de depot et placement du Quebec. The gross proceeds of the private placement will be used for general corporate purposes.

In total, Majescor issued 1,153,846 common shares at a price of $0.13 per share and 1,153,846 warrants, each warrant entitling Sodemex II to purchase an additional common share of Majescor at a price of $0.20 per share until December 4, 2008. The securities issued pursuant to the private placement are subject to a four-month hold period expiring on April 5, 2007.

In other news, Majescor granted 200,000 stock options to Marc-Andre Bernier, President and CEO, on November 20, 2006. Each stock option entitles its holder to subscribe for one common share of the company at a price of $0.15 per share for a five year period.

Majescor Resources is an aggressive exploration company with the largest portfolio of diamond properties in Quebec, as well as projects in Nunavut, the Northwest Territories, Brazil and Madagascar. Majescor has also recently acquired new gold and base metal properties in Madagascar and Quebec.

To find out more about Majescor Resources Inc. (TSX-V: MAJ), visit our website at www.majescor.com.

The TSX Venture Exchange (TSX Venture) does not accept responsibility for adequacy or accuracy of this release.

Contact Information