Oriental Minerals Increases Private Placement to $9.842 Million, Closes Second Tranche
Thursday August 2, 9:00 am ET
VANCOUVER, BC--(MARKET WIRE)--Aug 2, 2007 -- Oriental Minerals Inc. (CDNX erstaunt TL.V - News) is pleased to announce an increase to its non-brokered private placement to up to 6,350,000 units (the "Units") at a price of $1.55 per Unit for total gross proceeds of up to $9,842,500 as announced July 10th, 2007.
The Units consist of one common share and one share purchase warrant, with each warrant exercisable for $2.00 for another 18 months from the closing date of the private placement.
Oriental Minerals Inc. is also pleased to announce the closing of the second tranche of the placement of 1,390,387 Units for gross proceeds of $2,155,100. All shares will be restricted for a period of four months from the date of closing.
Total closing to date is 4,694,387 Units, which includes the first tranche close of 3,368,516 Units, less the recission of one subscription for 64,516 Units and the current tranche of 1,390,387 Units.
A five percent finder's fee was paid on a portion of the placement. The first tranche finder's fees were in the amount of $144,848.00 and $107,755.00 was paid in finder's fee for the second tranche. All of the securities issued in the first and second tranche of the placement are subject to hold periods expiring on November 21st, 2007 and December 1st, 2007 respectively.
Proceeds from the private placement will be used to fund planning and the current phases of work on the projects in South Korea, additional project acquisitions, and working capital.
About Oriental Minerals Inc.
Oriental Minerals is a Canada-based exploration company exploring for world-class mineral deposits in South Korea. The Company's current projects include tungsten-molybdenum, base metals and gold-silver properties with significant known mineralization and excellent regional potential.
South Korea is an independent country with strong ties to the USA and a key trading partner with Canada and Australia. The country has an excellent infrastructure, established and workable Mining Laws, and available trained mining workforce.
These factors combined with an in country bi-lingual team, assists OTL in capturing a first class countrywide, diversified minerals portfolio.
On behalf of the Board of Directors,
Damien Reynolds,
Chairman
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute forward-looking statements. Such statements are based on numerous assumptions and are subject to all the risks and uncertainties inherent in the Company's business, including risks related to mineral exploration and development. Consequently, actual results may vary materially from those described in the forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy and accuracy of this release.
Distributed by Filing Services Canada and retransmitted by Marketwire
Contact:
For More Information Contact:
Spiro Kletas
Investor Relations
604-681-5755
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Source: Oriental Minerals Inc.
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