Medoro Resources Ltd.
TSX : MRS
TSX : MRS.WT

Medoro Resources Ltd.

December 20, 2010 18:13 ET

Medoro Resources Announces the Consolidation of Its Warrants

TORONTO, ONTARIO--(Marketwire - Dec. 20, 2010) - Medoro Resources Ltd. (TSX:MRS) announced today that effective December 22, 2010, all of its issued and outstanding warrants, including its listed warrants (TSX:MRS.WT), will be consolidated on a one-for-three basis. 

The Company's issued and outstanding common shares were previously consolidated effective August 4, 2010 which resulted in the adjustment of the various exercise terms of the Company's issued and outstanding warrants. As a result, the Company proposed the warrant consolidation to simplify the exercise terms for its warrant holders as follows:

Warrants   Original Terms
of Warrants
  Post Warrant Consolidation
(effective December 22, 2010)
Warrants expiring on July 22, 2011 and Warrants expiring on October 30, 2011.   Each warrant exercisable to purchase one Common Share at an exercise price of CDN$0.50 per Common Share.   Each warrant exercisable to purchase one Common Share at an exercise price of CDN$1.50 per Common Share.

Total number of issued and outstanding warrants consolidated on a one-for-three basis.

Fractional warrants will be rounded up to the next whole number.
Warrants expiring on
November 3, 2011.
  Each warrant exercisable to purchase one Common Share at an exercise price of CDN$1.25 per Common Share.   Each warrant exercisable to purchase one Common Share at an exercise price of CDN$3.75 per Common Share.

Total number of issued and outstanding warrants consolidated on a one-for-three basis.

Fractional warrants will be rounded down to the next whole number.
Warrants expiring on
December 28, 2012.
  Each warrant exercisable to purchase units of the Company at an exercise price of CDN$2.00 per unit.

Each unit consisted of 0.336 of a Common Share and 0.0108 of a Common Share purchase warrant (whereby each whole warrant was exercisable to purchase one Common Share at an exercise price of CDN$0.50 per Common Share for a period of two years).
  Each warrant exercisable to purchase one Unit at an exercise price of CDN$6.00 whereby each Unit is comprised of 0.336 of a Common Share and 0.0108 of a Common Share purchase warrant (exercisable to purchase one Common Share at an exercise price of CDN$1.50).

Fractional warrants will be rounded up to the next whole number.
Warrants expiring on
June 18, 2013.
  Each warrant exercisable to purchase Units of the Company at an exercise price of US$1.50 per unit.

Each unit consisted of 0.336 of a Common Share and 0.0108 of a Common Share purchase warrant (whereby each whole warrant was exercisable to purchase one Common Share at an exercise price of CDN$0.50 per Common Share for a period of two years).
  Each warrant exercisable to purchase one Unit at an exercise price of US$4.50 whereby each Unit is comprised of 0.336 of a Common Share and 0.0108 of a Common Share purchase warrant (exercisable to purchase one Common Share at an exercise price of CDN$1.50).

Fractional warrants will be rounded up to the next whole number.

There will be no change in the Company's trading symbol as a result of the consolidation.

About Medoro Resources Ltd.

Medoro Resources Ltd. is a gold exploration, development and mining company with a primary emphasis on Colombia. The company operates the producing Mineros Nacionales gold mine located in Zona Baja at Marmato and is conducting an exploration and in-fill drilling program at its Marmato Project to upgrade and expand its gold resources there. Medoro also has a 5% interest in the Frontino Gold Mines with an option to increase its interest to 50%.

Medoro also holds a 100% interest in the Lo Increible 4A and 4B concessions in Venezuela where it is continuing its efforts to obtain an exploitation permit to allow development of these gold properties when circumstances in Venezuela allow. Medoro owns interests in gold exploration properties in Mali in respect of which it is seeking possible joint venture partners to further explore these properties.

Additional information on Medoro Resources Ltd. can be found on the Company's website at www.medororesources.com and by reviewing the company's profile on SEDAR at www.sedar.com.

This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the future financial or operating performance of Medoro and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Medoro to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and Medoro disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

Contact Information

  • Belinda Labatte
    Investor Relations
    (647) 436-2152