November 16, 2006 11:51 ET

Metanor Resources Inc.: Second Closing of a Private Placement of a Maximum of $2.5 M

VAL-D'OR, QUEBEC--(CCNMatthews - Nov. 16, 2006) - Metanor Resources Inc. (TSX VENTURE:MTO) "Metanor" announces that it has proceeded to day with a first closing of a private placement of 580,000 units at a price of $0.50 per unit for a total amount of $290,000 with Canadians, Americans and Europeans investors. Each unit comprises one common share and a half warrant. Each whole warrant entitles its holder to subscribe one common share of Metanor at a price of $0.55 per share within a period of 24 months from the date of issuance. This second closing increase to 4,709,079 the number of units subscribed under this private placement for a total amount of $2,354,539.50.

The common shares and the warrants as well as the common shares underlying warrants are subject to a resale restriction for a period of four months and one day following the closing date.

24,589,708 outstanding shares

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

Contact Information