Mira Resources Corp.

Mira Resources Corp.

August 28, 2012 14:20 ET

Mira Resources to Complete $2.5 Million Convertible Debt Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 28, 2012) - Mira Resources Corp. (TSX VENTURE:MRP) ("Mira") announces that it is offering up to CDN$2.5 million in convertible debt financing (the "Offering"). Subscribers are being offered one year, convertible loans carrying an interest rate of 12% per annum. The loans are convertible into units ("Units") of Mira at $0.20 per unit. Each Unit will consist of one common share (a "Share") and one half share purchase warrant (a "Warrant") with each full Warrant being convertible into one additional common share of Mira at $0.30 per share for a period of two years from closing. Interest on the loans will be accrued and paid on maturity of the loans or on conversion of the loans into Units. Management of Mira may participate in the Offering.

Mira has the right to retire the convertible debt on 20 days' notice to subscribers conditional upon payment of principal and all outstanding interest. Closing of the Offering is expected to occur on or before September 28, 2012. All Shares and Warrants acquired on conversion of the convertible debt will be subject to a four month hold period commencing on the closing date. Proceeds from the Offering will be used to fund the ongoing development plan for the Tom Shot Bank Field in Nigeria including engineering and other pre-drilling costs for the Tom Shot Bank #3 Well as well as for general working capital purposes. No commissions are being paid in connection with the Offering.

The Offering is subject to TSX Venture Exchange approval.


Thomas Cavanagh, President and Director

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: 156,965,926

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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