Kingston, Ontario, November 14, 2008 - Murgor Resources Inc. (TSX-V : MGR) announces that it has held a first closing of a private placement by issuing 1,200,000 "flow-through" common shares to an accredited investor of Toronto, Ontario at a price of $0.10 per share, for gross proceeds to Murgor of $120,000. Each share is accompanied by one-half of a common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of Murgor at a price of $0.25 per share until November 5, 2009, and thereafter at a price of $0.40 per share until November 5, 2010.
The sale of the 1,200,000 "flow-through" shares represents the first tranche of a private placement of up to 4,038,000 "flow-through" shares, for maximum gross proceeds to Murgor of $403,800. Murgor expects that a final closing of the private placement will take place on or about November 18, 2008.
In connection with the private placement, Murgor paid a finder's fee to Toll Cross Securities Inc. of Toronto, Ontario of $7,200, representing 6% of the gross proceeds raised in the first closing of the private placement.
Under applicable securities legislation and the policies of the TSX Venture Exchange, the securities issued at the first closing of the private placement are subject to a hold period expiring on March 6, 2009.
Murgor will use the proceeds from the private placement to explore its properties in Manitoba and Saskatchewan. As a result of the first closing, there are 30,542,780 common shares of Murgor issued and outstanding..
About Murgor Resources
Murgor Resources Inc. is a mineral exploration and development company focused on copper, zinc and gold deposits. Late in 2006, the company signed agreements with HudBay Minerals (TSX:HBM), acquiring the right to earn a 100% interest in the Wim, Hudvam and Fon deposits. The exploration targets for Murgor consist of polymetallic massive sulphide deposits in one of the most prolific greenstone belts in Canada and the world.
The table below shows the total 43-101 compliant resource for Murgor's Hudvam, Wim and Fon deposits.
For more information, please visit Murgor's website at
www.murgor.com or contact:
Andr� C. Tessier, President and CEO Ashleigh Meyer
MURGOR RESOURCES INC. Investor Relations - The Equicom Group
Tel: (613) 546-7503 or 1 888 891-3330 Tel: (416) 815-0700 ext. 266 or 1 800 385-5451
Fax: (613) 546-7318 Fax: (416) 815-0080
E-mail:
info@murgor.com E-mail:
ameyer@equicomgroup.com
This news release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization, resources and reserves, exploration results, and future plans and objectives of Murgor, 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 Murgor's expectations are exploration risks detailed herein and from time to time in the filings made by Murgor with securities regulators..
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.