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Mon, June 22, 2009
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Majescor Resources Inc.: Majescor Closes Private Placement
MONTREAL, QUEBEC--(Marketwire - June 18, 2009) - Majescor Resources Inc. ("Majescor" or the "Company") (TSX VENTURE:MJX) is pleased to announce the closing of the non-brokered private placement offering (the "Offering") of 3,000,000 units (the "Units) at a price of $0.20 each for gross proceeds of $600,000 (the "Offering") announced on May 26th, 2009.
Each Unit consists of one common share of the Company and one common share purchase warrant which entitles the holder to acquire one additional common share of the Company at a price of $0.30 at any time prior to 5:00 p.m. (EST) on June 17, 2010. The share purchase warrants are subject to an accelerated expiry if, at any time after October 17, 2009, the published closing trade price of the common shares on the TSX Venture Exchange Inc. (the "Exchange") is equal or superior to $0.40 for any 10 consecutive trading days, in which event the Company may give the holder a written notice and the share purchase warrants will automatically expire, if not exercised, 30 days after receipt of such notice.
All securities issued in the Offering will be subject to a four month hold period from the closing date of the Offering ending on October 17, 2009. Completion of this private placement is subject to final acceptance of the Exchange.
The funds raised pursuant to the Offering will be used to fund the SOMINE property exploration program in Haiti (reference to press release dated April 23, 2009). An insider of the Company subscribed for 450,000 Units for $90,000.
Correction to News Release dated May 26, 2009:
In regard to the Private Placement Offering - the period to acquire one additional common share of the Company was for 12 months and not 14 months.
Majescor
Majescor is a junior explorer focusing on emerging mineral districts. Majescor's project portfolio includes two uranium exploration projects in Quebec and one in the Baker Lake basin in Nunavut. The Quebec properties include Mistassini (100%-owned; under option to Strateco Resources Inc.) and Lac Laparre (100%-owned; under option to Santoy Resources Inc. and Otish Energy Inc.). In Nunavut, the Company holds 100% mineral rights to the Baker Lake uranium property. In addition to uranium, Majescor owns 100% mineral rights to four gold and base metal properties in Madagascar (under option to Sunridge Gold Corp.) as well as 100% mineral rights to the Mirabelli gold and base metal property in Quebec. Recently, Majescor signed an agreement with SIMACT Alliance Copper Gold Inc. ("SACG") and its principal shareholders whereby the Company has acquired a 10% interest in SACG, as well an option to acquire the remaining 90% interest in the Somine property with both gold and copper potential which is located in the North-East mineral district of Haiti.
On behalf of the Board of Directors of Majescor Resources Inc.,
Marc-Andre Bernier
President, CEO and Director
Forward-Looking Statements
This News Release includes certain "forward-looking statements" which reflect management's expectations regarding the Company's future growth, results of operations, performance and business prospects and opportunities. This news release also contains forward-looking statements regarding the Company's use of proceeds from the Offering. These statements reflect Management's current beliefs at the time of this news release and are based on information currently available to Management. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Majescor Resources inc., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Management's expectations are exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
