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Maudore Minerals Ltd Announces Closing Of First Tranche Of Brokered Private Placement For $15.5 Million

Friday, 12 Apr 2013 07:32pm EDT 

Maudore Minerals Ltd announced, further to its press release dated March 25, 2013, it has completed the first tranche (the First Tranche) of its brokered private placement of units (the Units) on a "best efforts" basis (the Private Placement) pursuant to an agency agreement dated April 12, 2013 between Maudore and a syndicate of agents led by GMP Securities L.P. and including Clarus Securities Inc. and Mirabaud Securities LLP (collectively, the Agents). Each Unit is comprised of one common share of Maudore and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share for a period of 24 months from date at a purchase price of $1.13 (the Warrant). Pursuant to the First Tranche of the Private Placement, Maudore has issued an aggregate of 17,039,835 Units at an issue price of $0.91 per Unit (the Offering Price) for gross proceeds of approximately $15.5 million. As of the closing of the First Tranche, the Company has 47,241,522 common shares issued and outstanding. Maudore intends to close subsequent tranches of the Private Placement on the same terms as above on or before May 23, 2013 for total gross proceeds, together with the First Tranche, of up to $25 million (the Subsequent Tranches). The net proceeds of the Private Placement shall be used to explore, develop and expand existing projects and operations, to fund corporate activities with respect to growth initiatives, and for other general and corporate purposes. 

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19 Sep 2014