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Re: News Releases - Monday, November 17, 2008
Private Placement
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TORONTO, ONTARIO - Tsodilo Resources Limited (the "Company") (TSX
Venture Exchange: TSD) is pleased to announce the closing of the
private placement previously announced on November 11, 2008.
In a non-brokered private placement, 463,852 units of the Company (the
"Units") were issued at a price of CDN $0.70 per Unit for proceeds to
the Company of CDN $324,698. Each Unit consists of one common share of
the Company and one 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. The common shares, warrants and
warrant shares are subject to a negotiated hold period of twelve (12)
months, expiring on November 14, 2009 and the certificates evidencing
such securities will bear a legend to that effect. 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 its
mines are amongst the most profitable. The country is democratically
ruled, boasting a growing economy and a stable political environment.
Tsodilo has an 92% stake in Newdico (16,800 sq. km under diamond
license) while Trans Hex Group, a South African diamond mining and
marketing company, holds the remaining 8%. The southern Gcwihaba
project area (6,703 sq. km under diamond license and 4,200 sq. km under
base and precious metals licenses) is 100% held by the Company. Tsodilo
Resources Limited manages the exploration of both the Newdico and
Gcwihaba license areas. 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 Facsimile + 1 416 987
4369
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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
Message sent on Mon Nov 17, 2008 at 4:36:15 AM Pacific Time
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