Medoro Resources Announces the Consolidation of Its Warrants
TORONTO, ONTARIO -- (Marketwire) -- 12/20/10 -- Medoro Resources Ltd. (TSX: MRS) announced today that effective December 22, 2010, all of its issued and outstanding warrants, including its listed warrants (TSX: MRS.WT), will be consolidated on a one-for-three basis.
The Company's issued and outstanding common shares were previously consolidated effective August 4, 2010 which resulted in the adjustment of the various exercise terms of the Company's issued and outstanding warrants. As a result, the Company proposed the warrant consolidation to simplify the exercise terms for its warrant holders as follows:
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Warrants Original Terms Post Warrant
of Warrants Consolidation
(effective December 22,
2010)
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Warrants expiring on Each warrant exercisable Each warrant exercisable
July 22, 2011 and to purchase one Common to purchase one Common
Warrants expiring on Share at an exercise Share at an exercise
October 30, 2011. price of CDN$0.50 per price of CDN$1.50 per
Common Share. Common Share.
Total number of issued
and outstanding warrants
consolidated on a one-
for-three basis.
Fractional warrants will
be rounded up to the
next whole number.
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Warrants expiring on Each warrant exercisable Each warrant exercisable
November 3, 2011. to purchase one Common to purchase one Common
Share at an exercise Share at an exercise
price of CDN$1.25 per price of CDN$3.75 per
Common Share. Common Share.
Total number of issued
and outstanding warrants
consolidated on a one-
for-three basis.
Fractional warrants will
be rounded down to the
next whole number.
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Warrants expiring on Each warrant exercisable Each warrant exercisable
December 28, 2012. to purchase units of the to purchase one Unit at
Company at an exercise an exercise price of
price of CDN$2.00 per CDN$6.00 whereby each
unit. Unit is comprised of
0.336 of a Common Share
Each unit consisted of and 0.0108 of a Common
0.336 of a Common Share Share purchase warrant
and 0.0108 of a Common (exercisable to purchase
Share purchase warrant one Common Share at an
(whereby each whole exercise price of
warrant was exercisable CDN$1.50).
to purchase one Common
Share at an exercise Fractional warrants will
price of CDN$0.50 per be rounded up to the
Common Share for a next whole number.
period of two years).
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Warrants expiring on Each warrant exercisable Each warrant exercisable
June 18, 2013. to purchase Units of the to purchase one Unit at
Company at an exercise an exercise price of
price of US$1.50 per US$4.50 whereby each
unit. Unit is comprised of
0.336 of a Common Share
Each unit consisted of and 0.0108 of a Common
0.336 of a Common Share Share purchase warrant
and 0.0108 of a Common (exercisable to purchase
Share purchase warrant one Common Share at an
(whereby each whole exercise price of
warrant was exercisable CDN$1.50).
to purchase one Common
Share at an exercise Fractional warrants will
price of CDN$0.50 per be rounded up to the
Common Share for a next whole number.
period of two years).
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There will be no change in the Company's trading symbol as a result of the consolidation.
About Medoro Resources Ltd.
Medoro Resources Ltd. is a gold exploration, development and mining company with a primary emphasis on Colombia. The company operates the producing Mineros Nacionales gold mine located in Zona Baja at Marmato and is conducting an exploration and in-fill drilling program at its Marmato Project to upgrade and expand its gold resources there. Medoro also has a 5% interest in the Frontino Gold Mines with an option to increase its interest to 50%.
Medoro also holds a 100% interest in the Lo Increible 4A and 4B concessions in Venezuela where it is continuing its efforts to obtain an exploitation permit to allow development of these gold properties when circumstances in Venezuela allow. Medoro owns interests in gold exploration properties in Mali in respect of which it is seeking possible joint venture partners to further explore these properties.
Additional information on Medoro Resources Ltd. can be found on the Company's website at www.medororesources.com and by reviewing the company's profile on SEDAR at www.sedar.com.
This news release contains 'forward-looking information', which may include, but is not limited to, statements with respect to the future financial or operating performance of Medoro and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as 'plans', 'expects', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes' or variations (including negative variations) of such words and phrases, or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Medoro to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and Medoro disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Contacts:
Belinda Labatte
Investor Relations
(647) 436-2152