Mira Resources Corp.

Mira Resources Corp.

July 08, 2011 09:15 ET

Mira Raises $3.42 Million Through Warrant Exercise Incentive Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 8, 2011) - Mira Resources Corp. (TSX VENTURE:MRP) ("Mira") announces that it has received proceeds of $3,426,680 upon the exercise of 8,566,700 warrants during its recently announced warrant exercise incentive program which ran for 20 days between June 16, 2011, and July 5, 2011. The warrants which were exercised were previously issued as part of Mira's February, 2011, $20 million bought deal private placement. 8,566,700 shares were issued at $0.40 per share on the exercise of warrants. Warrants which were exercised during the warrant exercise incentive program received an additional one half warrant (an "Incentive Warrant"). Each whole Incentive Warrant is exercisable into one Mira common share at $0.40 per share until July 6, 2013. The Incentive Warrants and any common shares issued on the exercise of the Incentive Warrants are subject to a four month hold period expiring November 7, 2011.

Chairman and CEO Johnathan More states, "These funds will be added to our current strong financial position. We are excited to re-enter the Tom Shot Bank 1 well in the coming weeks as well as be in the right position to acquire additional opportunities. The willingness for our investors to exercise their warrant at a premium to the current market price shows confidence in our team's ability to achieve our objectives."

Proceeds from the warrant exercise provide Mira with additional capital resources for the potential acquisition of new property interests in Nigeria.


Johnathan More, Chairman and CEO

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual events and results to differ materially from Mira's expectations include risks related to the exploration stage of Mira's project; market fluctuations in prices for securities of exploration stage companies; and uncertainties about the availability of additional financing.

Issued and Outstanding: 133,933,167

Neither the 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.

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