VAL-D'OR, QUEBEC--(CCNMatthews - March 2, 2006) - Metanor Resources Inc. (TSX VENTURE:MTO) "Metanor" announces its intend to proceed with a private placement of a maximum of 400,000 units at the price of $0.65 per unit for a total amount of $260,000 with Canadians and Europeans investors. Each unit will comprise one common share and one warrant, each warrant entitling its holder to subscribe one common share of the company at a price of $0.90 per share within a period of 18 months from the date of issuance.
Desjardins Securities Inc. will receive a fee of 10% of the gross proceeds from the private placement.
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.
The proceed of this private placement after deduction of Desjardins Securities Inc.'s fee and the cost of issue will be used for exploration work on the Metanor properties Bachelor Lake, Dubuisson, Opinaca and Wahnapitei properties and for the Metanor's working capital.
This private placement and the issuance of the common shares and the warrants are subject to the approval of the TSX Venture Exchange.
19,809,265 outstanding shares
TSX Venture Exchange does not accept any responsibility for the adequacy or the accuracy of the press release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Metanor Resources Inc.
President and CEO
(819) 856-8435 (cell)