Mano River Resources Inc.: Placing of 39,562,500 New Common Shares at GBP 8.0 pence per shareadmin
Mano River Resources Inc., (”Mano” or the ”Company”) the TSX-V and AIM”“quoted company with extensive mineral licences in Liberia, Sierra Leone and Guinea, is pleased to announce that it is raising (subject to regulatory approval), approximately GBP £3 million (net of expenses) from the issue of 39,562,500 new common shares (without par value) in the Company at a placing price of GBP 8.0 pence with UK institutional and other investors (”the Placing”).
The Placing has been arranged in the UK by Bell Lawrie (a division of Brewin Dolphin Securities Limited), the Company’s nominated adviser and broker. These new common shares will rank pari passu in all respects with the existing common shares in the Company. Application will be made for approval of the Placing by the TSX Venture Exchange and for the new common shares to be admitted to trading on AIM.
The proceeds of the Placing will be used by Mano to complete the bankable feasibility study presently under way on the New Liberty Gold Mine project in Liberia, maintain Mano’s 49.0 per cent participating interest in its joint venture with Petra Diamonds in Sierra Leone, and for general working capital purposes in 2006.
Dr Tom Elder, President and CEO commented, ”Completion shortly of a bankable feasibility study on what will be our first gold mine is expected to lead to a substantial re-rating of Mano, at the same time as our joint venture partner, Petra Diamonds, is making steady progress towards full scale diamond production in Kono, Sierra Leone.”
On behalf of the Board of Mano River Resources Inc.
President and CEO
For further information on Mano River Resources Inc. and its exploration programme, you are invited to visit the Company’s website at www.manoriver.com or contact the following:
Mano River Resources Inc.
Tom Elder, President and CEO
Tel: + 44 (0)1235 810 740
Parkgreen Communications Justine Howarth/Ana Ribeiro
Tel: +44 (0)207 493 3713
Bell Lawrie Jamie Cumming
Tel: + 44 (0)141 221 7733
Controller Canada Raz Hussein
Tel: +1 (604) 689 1700
Belinda Liversedge Account Executive
Parkgreen Communications 1st Floor Ireland House 150 New Bond Street London W1S 2AQ
t: +44 (0) 20 7493 3713 f: +44 (0) 20 7491 3936