Mindoro Resources raises funds, plans drilling

Mindoro Resources Ltd. reported Thursday that major shareholders Acorn Capital-Microcap Investments, International Finance Corp. and Lion Selection Group have committed a total of $1.28 million under an ongoing fund-raising campaign to finance mining activities.

The Canadian miner said the private placement is expected to close with total fund-raising of $2.69 million.

The closing of the commitments from the company’s major shareholders is subject to the receipt of the signed subscription agreements, the subscription funds, and the approval of the TSX Venture Exchange.

Additionally, the combined total commitment by directors to participate in a separate private placement in March has increased to more than $249,000.

As announced on January 13 this year, under the Australian Securities Exchange’s listing rules, the company must secure shareholder approval for directors to participate in private placements.

A special meeting of shareholders will be held on March 8, 2012, in Calgary, Canada, to get shareholders’ nods.

“We are very pleased to have received the continuing support of the major shareholders in this private placement. This support, together with the additional commitments by directors, provides the necessary funding to focus on achieving Mindoro’s objectives,” company president and CEO Jon Dugdale said in a statement.

Meanwhile, Mindoro Resources is undertaking detailed analysis on drill samples in copper-gold projects in Batangas.