Mindoro Resources Ltd (TSX VENTURE: MIO) (ASX: MDO) (FRANKFURT:WKN 906167) announced that it has received commitments for C$1.2 million in Australia under its private placement, which was announced Nov. 22. Trading of the company's CDIs on the ASX will re-commence Monday. The lead manager of the Australian component of the private placement is DJ Carmichael Pty Ltd, based in Perth.
The company expects to allot the first tranche of the common shares and CDI's on Wednesday.
The company is working with Fox-Davies Capital Ltd based in London, the other lead manager, to raise up to a further C$2.8 million from qualified investors for a combined total of up to C$4 million.
Mindoro's President and CEO Jon Dugdale commented, "We are very pleased with the results of the Australian component of the private placement. I now look forward to travelling to Canada, and also to the UK and Germany over the next two weeks to work with the Fox-Davies team to finalise the private placement."
The private placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approval, including the approval of the TSX Venture Exchange.
Neither the common shares nor the CDIs have been registered in the United States, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction where such offer, solicitation or sale would be unlawful.
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO), Australian Securities Exchange (MDO) and Frankfurt Stock Exchange (WKN 906167). Mindoro is focused on nickel, gold and copper-gold exploration and development in the Philippines.
Mindoro has NI 43-101 Mineral Resource estimates on its Agata Nickel Project, in the Surigao District, Mindanao, that include measured and iindicated resource estimates totalling 42.76 million tonnes at 1.01% nickel, for 430,000 tonnes contained nickel, and Inferred resource estimates totalling 2.435 million tonnes at 0.99% nickel. In addition the company has NI 43-101 Mineral Resource estimates on its Lobo (2005) and Archangel (2010) gold-silver projects, as well as 10 key porphyry copper-gold prospects at varying stages of advancement.
In March 2011 Mindoro released a preliminary economic assessment (PEA) on the Agata Nickel Project where the Company controls major nickel laterite resources and is drill testing regional targets. On 2 November 2011 the Company announced the results of a prefeasibility study ( PFS ) into an integrated on-site nickel processing project, based on the PEA, and the results of a scoping study into the development of a thermally upgraded (sintered) iron-nickel ore operation. The company already has an environmental compliance certificate (ECC) to produce up to 2 million dry metric tonnes (DMT) of laterite direct shipping ore per annum from Agata and released the preliminary economic assessment indicating a viable DSO operation in March 2011.
The drilling program at the Batangas project consists of the Southwest Breccia (SWB) high-grade epithermal gold shoot at Lobo, and recently commenced drilling at Archangel to test for gold "feeder" structures. The recently drill tested Pan de Azucar copper-gold-sulphur massive sulphide deposit remains open with depth to the southeast. A metallurgical testing program has commenced on Pan de Azucar samples examining acid producing capacity for nickel laterite processing as well as copper and gold flotation and leaching. Mindoro is also evaluating and prioritizing its many high-potential copper-gold porphyry targets prior to further drill targeting.
The company's development and production objectives are intended to provide an indication of management's current expectations and are still conceptual in nature. It is uncertain that sufficient resources will be established and if established that these resources will be converted into economically viable mining reserves.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.