VAL-D'OR, QUÉBEC--(Marketwired - June 14, 2013) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) completes second tranche of $2,245,500 in private placement, bringing the total proceeds raised to $2,891,515 (including the first tranche of $646,015). A total of $1,000,000 was raised through the issuance of 10,000,000 common shares to a European investor, priced at $0.10 each, and $1,891,515 through the issuance of 18,915,150 flow-through common shares priced at $0.10 each.
All securities issued are subject to a four month and one day hold period. The net proceeds will be used for exploration work on Metanor's Quebec properties and for the development of the Bachelor project. In connection with the private placement, Metanor paid a cash finder's fee of 8.5% to Marquest Capital Markets and Casimir Capital Ltd.
The President & CEO, the Executive Chairman and a director have participated in the Private Placement and, pursuant to Regulation 61-101 respecting protection of minority security holders in special transactions, ("Regulation 61-101"), such purchases constitute a "related party transaction". However, the transaction is exempt from the valuation and minority shareholder approval requirements pursuant to the exemptions set out in subsection 5.5 (a) and 5.7(1)(a) of Regulation 61-101, as the aggregate consideration does not exceed 25% of Metanor's market capitalization. A material change report has not been filed 21 days prior to the closing of the Private Placement as the participation had not been established at that time.
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.
266,566,066 outstanding shares
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.