Module Resources Incorporated
NEX BOARD : MLE.H

Module Resources Incorporated

March 21, 2007 13:37 ET

Module Resources Announces Closing of Private Placement and Changes to Board of Directors

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 21, 2007) - Module Resources Incorporated (NEX:MLE.H) is pleased to announce that the Company has completed its non-brokered private placement financing announced on February 7, 2007. The placement consisted of 2,666,666 Units at a price of $0.15 per Unit for aggregate gross proceeds of $400,000. Each Unit consists of one Common Share of the Company and one transferable Share Purchase Warrant. Each Warrant will entitle the holder to purchase one common share of the Company at a price of $0.20 per share until March 20, 2008. The securities issued under the private placement are subject to a four-month hold period expiring on July 21, 2007. The proceeds of this private placement will be used for general corporate purposes. The Company paid a commission of 3.0% in cash.

The Company also announces that Gurdev Pandher has resigned from the board of directors, effective March 20, 2007. The Company is pleased to announce that Brian Abraham has been appointed to the board of directors of the Company, effective March 20, 2007. Brian Abraham is a member of Fraser Milner Casgrain's Mining Group. He represents a broad range of clients in various aspects of domestic and international matters including exploration, development, production, reclamation and related energy projects, as well as private and public financing. Mr. Abraham earned a B.Sc. degree in Geology at the University of British Columbia and an LL.B degree in Law at the same university.

The Company is a mineral exploration company based in Surrey, British Columbia and its principal business activity is the acquisition, exploration and development of mineral properties.

On behalf of the Board of Directors

MODULE RESOURCES INCORPORATED

Richard Gillard, Director

The TSX Venture Exchange (also known as the NEX) has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Module Resources Incorporated
    Richard Gillard
    President
    (604) 507-8378
    (604) 507-8378 (FAX)