Module Resources Incorporated

Module Resources Incorporated

July 13, 2011 18:22 ET

Module Resources Amends Terms of Previously Announced Non-Brokered Unit Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 13, 2011) -


Module Resources Incorporated (TSX VENTURE:MLE) announces today that subject to regulatory approval it will amend the terms of the non-brokered private placement unit offering, previously announced on June 1, 2011 as described below. The amended terms reflect current market conditions.

The private placement has been increased to up to 3,750,000 units (previously 1,000,000 units) at C$0.08 per unit (previously C$0.11 per unit) for gross proceeds of up to C$300,000 (previously C$110,000). Each unit will consist of one common share and one common share purchase warrant exercisable for a period of 12 months. Share purchase warrants may be exercised in the first 6 months at C$0.12 per share (previously at C$0.11 per share for twelve months) and at C$0.16 per share in the following 6 months. Each warrant will be exercisable to acquire one additional common share of the Company.

Module may pay a finder's fee in respect of investors introduced to the Company of up to 10% of the gross proceeds of the private placement in cash.

All of the securities issued under this private placement will be subject to a four-month hold period. The private placement is expected to close no later than August 31, 2011.

The proceeds from the sale of the units will be used for general corporate purposes.


Bruce W. Downing, M.Sc., PGeo., Hon.FEC, President & Chief Executive Officer

We seek Safe Harbor.

Caution concerning forward-looking information

This news release may contain forward-looking statements that are based on the Company's expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.

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 the accuracy of this press release.

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