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Private Placement
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TORONTO, ONTARIO - Tsodilo Resources Limited (the "Company") (TSX
Venture Exchange: TSD) is pleased to announce that it has negotiated a
non-brokered private placement of 457,901 units of the Company (the
"Units") at a price of CDN $0.70 per common share for proceeds to the
Company of CDN $320,531. Each Unit consists of one common share of the
Company and one a warrant of the Company, each such warrant entitling
the holder to purchase one common share of the Company at a price of
CDN $0.70 for a period of two years. Closing of this transaction is
subject to regulatory approval. Proceeds from this financing will be
added to the Company's working capital.
Tsodilo Resources Limited is an international diamond exploration
company engaged in the search for economic kimberlites at its Newdico
(Pty) Limited ("Newdico') and Gcwihaba Resources (Pty) Limited
("Gcwihaba") projects in northwest Botswana. The Republic of Botswana
is the leading producer of diamonds, by value, in the world and the
world's second-largest producer by volume. Its mines are amongst the
most profitable in the world and they are a member of the Kimberley
Process Certification Scheme (KPCS) which imposes extensive
requirements on its members to enable them to certify shipments of
rough diamonds as 'conflict-free'. The country is democratically
ruled, boasting a growing economy and a stable political environment.
The Company has an 93% stake in Newdico (16,800 square kilometers under
diamond license) while Trans Hex Group, a South African diamond mining
and marketing company, holds the remaining 7%. The southern and
northern Gcwihaba project area (7,500 square kilometers under diamond
license and 5,300 square kilometers under base and precious metals
licenses) is 100% held by the Company. Tsodilo manages the exploration
of both the Newdico and Gcwihaba license areas. The Company has
offices in Toronto, Canada and Gaborone and Maun, Botswana. Please
visit the Company's website, www.TsodiloResources.com, for additional
information and background on our projects.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release. This
news release may contain assumptions, estimates, and other
forward-looking statements regarding future events. Such
forward-looking statements involve inherent risks and uncertainties and
are subject to factors, many of which are beyond the Company's control,
which may cause actual results or performance to differ materially from
those currently anticipated in such statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
James M. Bruchs - President and Chief Executive Officer
E-Mail: JBruchs@TsodiloResources.com
Head Office: Telephone +1 416 572 2033
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Copyright (c) 2008 TSODILO RESOURCES LTD. (TSX-TSD) All rights
reserved. For more information visit our website at
http://www.tsodiloresources.com/ or send
mailto:info@tsodiloresources.com
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