TSX VENTURE EXCHANGE: MTO
57,199,624 outstanding shares
VAL-D'OR, QC, June 20 /CNW Telbec/ - Metanor Resources Inc. (TSX Venture Exchange: MTO) "Metanor" announces its intent to proceed with a private placement of a maximum of 2,500,000 units at the price of $0.80 per unit for a maximum amount of $2,000,000 with Metanor's current shareholders. Each unit will comprise one common share and a half warrant. Each complete warrant will entitle its holder to subscribe one common share of the company at a price of $1.00 per share within a period of 60 months from the date of issuance.
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 Metanor's management reiterates its strategic plan is to become a profitable gold producer during the coming year. To do so, Metanor intends, as soon as the permits have been obtained, to begin collecting the 40,000 tons bulk sample of ore from the surface of the Barry gold deposit. In the meantime, Metanor continues the preparatory work for this bulk sample, the complete rehabilitation of the infrastructures of its gold mill and also the stripping and exploration program recently started on Bachelor Lake.
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