Mindoro Resources raising funds for Batangas projects

Mindoro Resources Ltd. of Canada said Wednesday it was raising up to C$4 million in funds through private placement.

The proceeds will be used to fund gold exploration activities in the Batangas province and ongoing working capital requirements, the company said.

The private placement will be offered as common shares in Canada and as Chess Depository Interests (CDIs) in Australia, the Canadian miner said.

“Having successfully delivered on our key milestones in 2011, including the successful infill and extension drilling program at Southwest Breccia high-grade gold shoot, Lobo, we are focused on the next steps of building additional resources and completing a development scoping study on both the Lobo and Archangel resource projects at Batangas,” company president and CEO Jon Dugdale said in a disclosure.

The company said it would sell up to 33.4 million common shares and CDIs via private placement to qualified investors at C$0.12 per share in Canada and A$0.115 per CDI in Australia.

In an earlier disclosure, Mindoro Resources said that, “as Mindoro is incorporated in Canada, CDIs rather than shares will be issued in Australia to comply with applicable laws in Australia.”

Mindoro Resources named DJ Carmichael Pty Ltd based in Perth, Australia, and Fox-Davies Capital Ltd based in London as co-lead managers of the private placement.