MELBOURNE, AUSTRALIA--(Marketwire - Oct. 11, 2012) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:OLM)(ASX:MDO) ("Mindoro" or the "Company") is pleased to announce that the second tranche of the private placement (the "Tranche 2A Private Placement") with TVI Pacific Inc. ("TVI") has closed and that Cliff James, President and Chief Executive Officer of TVI, has been appointed to the Board of Directors of Mindoro.
Pursuant to the Tranche 2A Private Placement, 24,000,000 Units (each unit consisting of a common share and a common share purchase warrant) were issued by the Company to TVI, at a price of $0.05 per Unit, for aggregate consideration of C$1,200,000. Without the prior written of the TSX Venture Exchange and compliance with applicable securities legislation, the common shares and warrants issued to TVI may not be sold, transferred, hypothecated or otherwise traded on or through the facilities of the TSX Venture Exchange or otherwise in Canada or to or for the benefit of a Canadian resident until February 11, 2013. TVI will be issuing a concurrent news release that includes further details.
Mindoro President and CEO Jon Dugdale said, "the investment by TVI in Mindoro and the appointment of Cliff James to the Mindoro board is welcomed as both TVI and Cliff bring a great deal of Philippines operating experience to Mindoro".
On behalf of the Board of Directors:
Jon Dugdale, President and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.