METANOR RESOURCES INC.

METANOR RESOURCES INC.

March 29, 2005 14:52 ET

Metanor Resources Inc.-Closing and Second Private Placement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: METANOR RESOURCES INC.

TSX VENTURE SYMBOL: MTO

MARCH 29, 2005 - 14:52 ET

Metanor Resources Inc.-Closing and Second Private
Placement

VAL-D'OR, QUEBEC--(CCNMatthews - March 29, 2005) - Metanor Resources
Inc. (TSX VENTURE:MTO) announces that it has closed the first part of
the private placement announced on March 9, 2005. Last March 10th an
initial closing for 684 996 Units at a price of $0.60 per Unit was done,
raising $410,980. The second closing for 433 333 Units at the same price
was performed on March 24, raising $260,000. Each Unit is comprised of
one (1) Common Shares and one (1) Common Share purchase Warrant. The
Warrant is exercisable into one Common Share of the Company at an
exercise price of $0.85 at any time up to September 23, 2006. This first
placement allowed us to amass the sum of $670,980 and to issue 1,118,299
Common Shares (and the equivalent number of Purchase Warrants), making
the total of outstanding Common Shares of Metanor to 11,334,250.

Metanor is continuing to work to carry out the second private placement
of a maximal amount of $4,500,000. For this private placement, a maximum
of 7,500,000 Units can be subscribed for at a price of 0,60$ per Unit
(cf press release published on March 11, 2005). The closing date of said
placement was reported at no later than May 16, 2005. The Securities
issued in virtue of the first and second placements are subject to
certain resale restrictions imposed under the Applicable Securities
Laws, which require that the Securities not be traded for a period of
four (4) months from the Closing.

The proceeds of the subscription will be used for: Payment of the
balance of the purchasing price of the Bachelor Property, development
work on Bachelor Lake Property, exploration work on the other properties
of Metanor and for the working capital of Metanor.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Metanor Resources Inc.
    Serge Roy
    President and CEO
    (819) 825-8678 or (819) 856-8435
    or
    Metanor Resources Inc.
    Ghislain Morin
    Director
    (819) 354-9439
    or
    Metanor Resources Inc.
    Andre Tremblay
    Geologist
    (819) 825-8628
    ressources.metanor@cablevision.qc.ca
    www.metanor.ca
    The TSX Venture Exchange does not accept any responsability for the
    adequacy or the accuracy of this release.