Suramina Resources Inc.
TSX : SAX

Suramina Resources Inc.

March 25, 2008 15:32 ET

Suramina Private Placement Closed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 25, 2008) - Suramina Resources Inc. ("Suramina") (TSX:SAX) is pleased to report that it has closed the private placement announced on February 27, 2008. The Company sold on a non-brokered, private placement basis, an aggregate of 8,250,000 common shares of the Company at a price of Cdn $1.20 per share for gross proceeds of Cdn $9.9 million. Suramina will use the proceeds of the placement for general working capital purposes and to fund ongoing exploration work and drill programs on the Company's properties in Argentina and Chile. A finder's fee is payable on a portion of the private placement. The placement has received regulatory approval and the shares have now been issued to the investors. The shares issued pursuant to the private placement are subject to a hold period expiring on July 20, 2008.

ON BEHALF OF THE BOARD

J. Patricio Jones, President and CEO

Forward-Looking Statements

Certain information regarding the Company set forth in this press release, including the Company's future plans contains forward looking statements that involve substantial known and unknown risks and uncertainties. These forward looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's and management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, imperfection of mineral estimates, environmental risks, industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. The Company's actual results, performance or achievements could differ materially from those expressed in or implied by, these forward looking statements and accordingly, no assurance can be given that any of the events anticipated to occur or transpire from the forward looking statements will provide any benefits to the Company.

Contact Information

  • Suramina Resources Inc.
    Sophia Shane
    Corporate Development
    (604) 689-7842
    Website: www.suramina.com