Tres-or Closes Private Placements and Engages Bay Street Connect
April 23, 2010
NEWS RELEASE
TRES-OR CLOSES PRIVATE PLACEMENTS AND ENGAGES BAY STREET CONNECT
Tres-Or Resources Ltd. (the “Company”) is pleased to announce that it has closed a non-brokered private placement of 4,333,334 units (the “Units”) at $0.15 per Unit, for total gross proceeds of $650,000 (the “Offering”). Each Unit is comprised of one common share and one share purchase warrant entitling the holder to acquire a further common share at a price of $0.22 for a term of 18 months. The securities issued pursuant to this Offering will be subject to a hold period expiring August 22, 2010.
The Company has also completed another private placement of $350,000 through the sale of 1,944,442 flow-through units at $0.18 per unit, with the Mineralfields Group. Each unit consists of one flow-through common share and one non flow-through common share purchase warrant with each warrant entitling the holder to purchase one non flow-through common share of the Company at a price of $0.27 per share for a term of 18 months. In connection with the offering, finders’ fees of $21,000 cash, 58,333 non flow-through units and 136,111 non flow-through compensation warrants were paid by the Company.
The securities issued in connection with this private placement are restricted from transfer until August 24, 2010.
MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver, Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities ® (a division of Limited Market Dealers Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and servicefriendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies through First Canadian Securities ®.
Proceeds from the private placements will be used to advance the Company’s exploration projects and for general working capital.
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The Company also announces that it has engaged the services of Bay Street Connect (“Bay Street”), an owner managed firm based in Toronto and a leading provider of investor relations services to Canadian public companies in the natural resources sector since 2003. Focusing on direct communication and face-to-face meetings, it has assisted numerous organizations in improving relationships within the investment community.
Under the terms of the engagement, which is for a minimum of six months and thereafter on a month to month basis, Bay Street will be paid $3,000 per month plus disbursements. They have also been granted 200,000 options having an exercise price of $0.15 and a term of two (2) years, which options vest over a year as to 50,000 per quarter, and are to be granted a further 100,000 options, priced in accordance with the policies of the TSX Venture Exchange, in circumstances where the engagement is extended beyond the initial six month period.
The Company has also granted a total of 2,225,000 options to certain directors, officers, employees and consultants, said options having a term of four (4) years and an exercise price of $0.15 pursuant to its 2009 stock option plan.
On behalf of the Board of Directors,
“Laura Lee Duffett”
Laura Lee Duffett President and CEO Contact: Brian Biles, Corporate: Ph: 604-688-8700 Email: [email protected] Website: www.tres-or.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
About Tres-Or Resources Ltd.:
Tres-Or Resources Ltd. (TSX Venture: TRS) is a Canadian resource company exploring gold and precious metals projects and diamond assets in Ontario and Quebec. The experienced team has proven success in exploration through to discovery and mine development. Concurrently, the Company is developing gold production in the Ashanti region, Ghana, West Africa. Additional information related to the Company is available at: www.tres-or.com .
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