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Re: News Release - Monday, July 23, 2007
Mano River Resources Inc. to Raise �2.3 Million Through
Convertible Loan Notes
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Mano River Resources Inc ("Mano" or "the Company"), the TSX-V and AIM
listed exploration and development company focused on natural resources
in West Africa , is pleased to announce that it plans to raise �2.3
million through a private placement of three unsecured Convertible Loan
Notes.
Dr Tom Elder, President and CEO, commented:
"The decision to issue these Convertible Loan Notes reflects Mano River
Resources" confidence in its portfolio of projects in West Africa. With
funding of Mano"s diamond interests planned separately through the
company"s subsidiary Stellar Diamonds Ltd, and separate funding options
under consideration for the Company"s Iron Ore interests, the proceeds
from these Loan Notes will primarily be used in advancing the Company"s
New Liberty Gold Project in western Liberia, on which a bankable
feasibility study has been completed, and accelerating exploration at
our other priority gold projects."
Luis da Silva, CFO, added:
"We are delighted to secure this funding, especially since it is backed
by one of the UK market"s top performing Resources Fund that has a
talent for realising growth. This serves as a further endorsement of
the company"s strategy in moving forward to unlock value for its
shareholders."
Convertible Note Issue Details
The key terms of the Convertible Notes are:
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Lenders City Natural Resources High Yield Trust plc
(�1.5m), New City High Yield Fund Limited
(�0.5m) and Fiske plc (�0.3m)
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Amount �2.3 million pounds sterling
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Coupon 9% per annum payable quarterly in arrears
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Escrow The first 12 months interest payments to be
reserved and paid in accordance with the terms
of the Loan Notes
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Conversion The Loan Notes may be convertible at the option
of the Loan Note holders at any time prior to
the close of business on 1 August 2010 into a
combined total of 16,428,571 New Common Shares
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Conversion Price 14p per share
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Repayment/Maturity Principal repayable in 3 equal instalments
annually in arrears; Maturity 3 years + 1 day
after closing, expected on or about
August 1st, 2010
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The private placement is subject to acceptance for filing by the TSX
Venture Exchange.
ENDS
For further information on Mano River Resources and its exploration
programme, you are invited to visit the Company's website at
www.manoriver.com or contact one of the following:
Mano River Resources Inc.
Tom Elder / Luis da Silva Tel +44 (0) 1235 810 740
mano@manoriver.com
Raz Hussein Tel : +1 604 689 1700
GMP Securities Europe LLP
(an Appointed Representative of Panmure Gordon (UK) Limited).
James Hannon Tel +44 (0) 20 7459 3606
james.hannon@gmpeurope.com
Pelham PR Ltd
Charles Vivian Tel +44 (0) 20 7743 6670
charles.vivian@pelhampr.com
James MacFarlane Tel +44 (0) 20 7743 6375
james.macfarlane@pelhampr.com
The TSX Venture Exchange has not reviewed and does not take
responsibility for the adequacy or accuracy of this release
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Copyright (c) 2007 MANO RIVER RESOURCES INC. (MANA) All rights
reserved. For more information visit our website at
http://www.manoriver.com/ or send mailto:releases@manoriver.com
Message sent on Tue Jul 24, 2007 at 9:13:58 AM Pacific Time
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