Mazorro Resources Inc.

Mazorro Resources Inc.

October 10, 2012 08:30 ET

Mazorro Resources Announces Closing of Second Tranche of Private Placement Financing

OTTAWA, ONTARIO--(Marketwire - Oct. 10, 2012) - Mazorro Resources Inc. ("Mazorro" or the "Company") (TSX VENTURE:MZO)(FRANKFURT:JAM) announces the closing of a second and final tranche of a non-brokered private placement offering (the "Offering"). Proceeds raised in the second tranche are $20,000. In total for both tranches gross proceeds of $195,000 were raised.

The second tranche of the Offering consisted of the issuance of 400,000 units (the "Units") at a price of $0.05 per Unit. Each Unit consists of one common share of the Company and one common share purchase warrant exercisable for a two year period from closing and expiring on October 9, 2014. Each warrant entitles the holder to acquire one additional common share of the Company at a price of $0.10.

The funds raised pursuant to the Offering will be used for general working capital requirements.

All securities issued in the Offering will be subject to a four month hold period from the closing dates of the Offering ending on February 10, 2012 for the second tranche. Completion of this Offering is subject to TSX Venture Exchange final acceptance.

About Mazorro

Mazorro Resources Inc. is a TSX Venture Exchange listed, Canadian based, precious metals exploration company that is active in creating value through exploration and development of bulk tonnage and high-grade gold deposits within Canada's Abitibi Gold district. Mazorro has 51,264,773 common shares outstanding including those issued in the Offering.

Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential mineralization) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, changes in world gold markets or markets for other commodities, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.

Neither the 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.

Contact Information

  • Andre Audet
    Interim President & CEO
    (613) 241-2332