November 21, 2012 08:00 ET
TORONTO, ONTARIO--(Marketwire - Nov. 21, 2012) - Morumbi Resources Inc. (TSX VENTURE:MOC) ("Morumbi" or the "Company") is pleased to announce that it has closed a non-brokered private placement offering (the "Offering") for gross proceeds of $1,005,099.55. The Company issued 2,871,713 units (each a "Unit"), at a price of $0.35 per Unit. Each Unit consists of one common share of the Company ("Common Share") and one common share purchase warrant (each a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share of the Company at a price of $0.45 until November 20, 2014, subject to earlier exercise in accordance with the terms thereof.
In connection with the Offering, the Company paid $69,508 in cash fees and also issued 198,594 finder warrants (the "Finder Warrants") to three eligible arm's length persons. Each Finder Warrant entitles the holder thereof to acquire one Unit of the Company at a price of $0.35 per Unit until November 20, 2014.
All securities issued pursuant to the Offering, including the Common Shares and Warrants underlying the Units, the Common Shares underlying the Warrants, the Finder Warrants and the Common Shares and Warrants underlying the Finder Warrants are subject to a four (4) month and one (1) day statutory hold commencing from closing. The Offering is subject to TSX Venture Exchange acceptance of requisite regulatory filings. The proceeds raised from the Offering will be used for general working capital.
Morumbi Resources Inc. is a public company with early stage mineral exploration licences in PNG. Morumbi is also currently evaluating resource opportunities in Bougainville, PNG by forming strategic relationships with local landowner companies with the view to securing mineral exploration licences on their traditional lands, if and when the moratorium is lifted and licences are granted. It also has a legacy light oil property in northwest Alberta. The Company trades on the TSX Venture Exchange under the symbol "MOC". For more information about Morumbi and the Company's plans visit our website at www.morumbi.ca.
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.
Morumbi Resources Inc.Lindsay SempleChief Executive Officer(416) firstname.lastname@example.org
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