Module Resources Incorporated
TSX VENTURE : MLE

Module Resources Incorporated

January 13, 2011 20:16 ET

Module Resources Closes Non-Brokered Flow-Through and Unit Private Placements

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 13, 2011) -

NOT FOR DISTRIBUTION IN THE UNITED STATES.

Module Resources Incorporated (TSX VENTURE:MLE) announces today that, subject to regulatory approval, it has closed a non-brokered private placement of 1,300,000 flow-through shares at a price of C$0.10 per flow-through share for gross proceeds of C$130,000. The Company also announces today that, subject to regulatory approval, it has closed a non-brokered private placement of 2,501,667 units at a price of C$0.06 per unit for gross proceeds of C$150,100. Each unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant will be exercisable to acquire one additional common share of the Company at any time for a twelve month period following issuance, at an exercise price of $0.09 per share. Module paid cash finder's fees of $7,427 and issued 86,450 finder's warrants on certain amounts of the proceeds from the private placements. Each finder's warrant will be exercisable to acquire one additional common share of the Company at any time for a twelve month period following issuance, at an exercise price of $0.09 per share. All of the securities issued under these private placements will be subject to a four-month hold period.

The proceeds from the sale of the flow-through shares will be used to incur Canadian Exploration Expense ("CEE"), as defined in the Income Tax Act (Canada). The Company will renounce such CEE to the subscribers effective for the 2010 tax year. The funds will be used for diamond drilling, an airborne geophysical survey and grass roots exploration on the Company's Ladner Gold Property in British Columbia. The proceeds from the sale of the units will be used for general corporate purposes.

ON BEHALF OF THE BOARD OF DIRECTORS

"Bruce W. Downing"
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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