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Murgor Resources announces first closing of private placement for $1,044,267 to explore its Manitoba, Ontario and Quebec properties
Murgor Resources announces first closing of private placement for $1,044,267 to explore its Manit...
About this update from Hudbay Minerals Inc
[{"type":"text","content":"\n\n\n\nDec. 15, 2009 (Canada NewsWire Group) -- KINGSTON, ON, Dec. 15 /CNW/ -- Murgor Resources Inc. (TSX-V : MGR) announces that it has completed a first closing of a private placement in the amount of $1,044,267 by issuing 5,801,483 \"flow-through\" common shares at a price 0.18 per share. Murgor will use the proceeds from this placement to explore its advanced copper-gold projects in Manitoba and its high potential gold projects in the Red Lake district of Ontario and in the Chibougamau district of Quebec.The sale of the 5,801,483 \"flow-through\" common shares represents the first tranche of a private placement of up to 8,333,333 \"flow-through\" common shares, for maximum gross proceeds to Murgor of $1,500,000. Murgor anticipates that the final closing of the private placement will take place on or about December 31, 2009.In connection with the private placement, Murgor paid finders' fees to registered persons, in an amount equal to 7% of the proceeds from the sale of the \"flow-through\" shares through such registered persons.The common shares issued by Murgor under the private placement are subject to a four-month hold period, in accordance with applicable securities laws and the policies of the TSX Venture Exchange. The first closing of the private placement has increased the number of outstanding common shares of Murgor to 61,744,426.About Murgor ResourcesMurgor Resources Inc. is a mineral exploration and development company focused on copper, gold and zinc in Canada. The company owns a 100% interest in two deposits, adjacent to the Snow Lake and Flin Flon mining districts of Manitoba, and is earning a 100% interest in the Fon zinc deposit in Saskatchewan. The deposits were initially optioned from HudBay Minerals Inc. (TSX:HBM). Murgor is also exploring an exceptional portfolio of gold properties in proven mining districts of Canada such as the Red Lake Gold District of Ontario and the Chibougamau Gold-Copper District of Quebec.The table below shows the total 43-101 compliant resource for Murgor's Hudvam, Wim and Fon deposits.INDICATED RESOURCE-------------------------------------------------------------------------Tonnage Grade*Project ---------------------------------------------------------------Metric Au AgTonnes Cu % Zn% g/t g/t-------------------------------------------------------------------------Hudvam 854,076...