TSX VENTURE EXCHANGE: MTO
25,169,708 outstanding shares
VAL-D'OR, QC, Dec. 20 /CNW Telbec/ - Metanor Resources Inc. (TSX-V: MTO) "Metanor" announces that it has obtained from the TSX Exchange Venture the authorization to proceed to a new private placement with Canadians, Americans and Europeans investors, for the subscription of a maximum of 5,000,000 units, in consideration of a maximum of $ 2,500,000.
Metanor has proceeded today to a first closing of this private placement and had accepted the subscription for 4,012,031 units at the price of $ 0.50 per unit for an amount of $ 2,006,015.50. Each unit comprises one common share and a half warrant. Each whole warrant entitles its holder to subscribe one common share of Metanor at a price of $0.55 per share within a period of 24 months from the date of issuance. A second closing is scheduled to take place in the next days.
The common shares and the warrants as well as the common shares underlying warrants are subject to a resale restriction for a period of four months and one day following the closing date.
TSX Venture Exchange does not accept any responsibility for the adequacy
or the accuracy of the press release.