December 22, 2008 10:30 ET

Metanor Resources Inc.: Closing of Private Placements

VAL-D'OR, QUEBEC, CANADA--(Marketwire - Dec. 22, 2008) - Metanor Resources Inc. ("Metanor" or the "Company") (TSX VENTURE:MTO) announces the closing, on December 19, 2008, of a private placement as disclosed last November 26 and December 18. This closing allows Metanor to accept the subscription of 4,288,089 Flow-Through Common Shares at the price of $0.45 per share, for a gross amount of $1,929,640.05. Raymond James Limited acted as agent for said private placement.

The proceeds from the private placement will be used for surface drilling at the Company's Hewfran and Barry (Zone 51) projects. Said gross proceeds will be used to incur expenses that qualify as Canadian Exploration Expenses ("CEE"), which the Company will renounce in favor of subscribers pursuant to the Income Tax Act (Canada).

In addition, Metanor closed a non-brokered concurrent private placement with one investor pursuant to which Metanor issued 1,200,000 Flow-Through Common Shares at a price of $0.50 per share, as disclosed last December 18. The proceeds from this placement, amounting to $600,000, will be used for exploration expenses on the Nelligan and Hewfran properties, located in Quebec. Said exploration expenses will qualify as CEE and will be renounced pursuant to the Income Tax Act (Canada) and the Taxation Act (Quebec).

Each subscriber is qualified as an accredited investor. The securities issued are subject to resale restrictions, in accordance with applicable securities legislation, requiring that the securities not be traded before April 20, 2009.

The Flow-Through Common Shares have not been registered under the United States Securities Act of 1933 (the "Act") and may not be offered or sold absent registration under the Act or an applicable exemption from the registration requirements thereof. This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction or an exemption therefrom.

78,957,782 outstanding shares

TSX Venture Exchange does not accept any responsibility for the adequacy or the accuracy of the press release.

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