Marifil Mines Ltd

June 01, 2011 09:00 ET

Marifil Closes Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 1, 2011) - Marifil Mines Ltd. (TSX VENTURE:MFM) is pleased to announce it has closed its private placement announced April 11, 2011. A total of 3,111,395 Units were sold at a price of $0.35 per Unit for gross proceeds of $1,091,350. Each Unit consists of one common share and one-half warrant. Each whole warrant entitles the holder thereof to purchase one common share at a purchase price of $0.45 for a period of one year from May 26, 2011. The Company will be paying a finder's fee of 6% in cash plus 6% in stock for about one-fourth of the gross proceeds.

The securities issued pursuant to this private placement are subject to a four month hold, standard for TSX issuers. Proceeds from the placement will be used for acquiring new projects, exploration work and general working capital.

Matt Fowler, CFO of Marifil commented, "The closing of this Private Placement brings our treasury to more than $1.6 million and puts Marifil in a strong position to meet all its property obligations, continue with their evaluations and acquire new properties going forward. We expect that upcoming property payments to us will soon increase the treasury to over $2 million."

About Marifil Mines Ltd.

Marifil Mines Ltd. is a Canadian mineral exploration company listed on the TSX Venture Exchange under the symbol "MFM". Marifil operates under a project generator model whereby the company acquires properties, adds value by geologic mapping, trenching, geophysics, and/or drilling and then seeks qualified partners to earn interest in the project by further exploration work and ultimately advancing the property to production.

For further information on the company and its projects, please refer to Marifil's website (


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