VAL-D'OR, QUEBEC--(Marketwired - May 12, 2014) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) has raised gross proceeds of $4,570,000 in a brokered private placement offering consisting of 15,875,000 units priced at $0.16 (each consisting in one common share and one common share purchase warrant which can be exercised at $0.30 for a period of 24 months) for a total of $2,540,000 and 10,150,000 flow through common shares priced at 0.20$ each for a total of $2,030,000. All securities issued are subject to a four month and one day hold period.
In connection with the private placement, Metanor paid a cash fee of 6% to Secutor Capital Management Corporation.
Ghislain Morin, President and CEO stated: "After careful review of the Bachelor mining plan, Metanor's operating team together with the geology department have decided to prioritize the underground drilling at the Bachelor mine and augment the present budget for the campaign. Doing so will allow Metanor to mine the Bachelor property on a more cost effective basis". Serge Roy, Executive Chairman, added: "The Board of Directors has consequently decided to raise a small amount of capital to increase the Bachelor underground drilling campaign budget and prudently strengthen the Balance Sheet. This allows Metanor to now plan and put in place growth initiatives notwithstanding near term gold price volatility and a fragile capital market. "
Proceeds raised from the sale of flow-through shares will be used to increase the exploration budget for Metanor's other properties.
Metanor is a Canadian based gold mining company with a focus on adding value per share through efficient production, exploration, and development of it properties.
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
296,557,733 outstanding shares