Mantle Resources Announces Non-Brokered Private Placement
March 15, 2007
Vancouver, British Columbia, Canada – Thursday, March 15, 2007 – Mantle Resources Inc. (TSX Venture Exchange: MTS;
: A0F7E1) is pleased to announce a private placement of up to 3,500,000 units at a price of $1.15 per unit for gross proceeds of up to $4,025,000. Each unit will consist of one common share plus one half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at a price of $1.75 for a period of two years from closing. A finder’s fee of 6% will be paid on a portion of the private placement. The private placement is subject to TSX Venture Exchange approval.
Lundin Mining Corp. (TSX: LUN) will be purchasing 1,700,000 units pursuant to the private placement. Added to its current position, this would result in Lundin Mining holding just under a 10 per-cent equity position in Mantle Resources.
“We are very pleased that
in Mining, one of the world’s premier mining companies, continues to show this significant level of interest in our Company”, stated
rshney, president of Mantle Resources.
The proceeds are planned to be used primarily for further exploration of the Akie sedex zinc property. A portion of the proceeds will also be used for working capital and may also be used to explore the balance of the Company’s portfolio of properties – all located in the Omineca Mining Division within the highly prospective Gunsteel shale formation in the regionally extensive, world-class Kechika trough sedex zinc basin of northern
Lundin Mining Corp., a Canadian mining and exploration company with a primary focus in
, is listed on the Toronto Stock Exchange (“LUN”), the Stockholm Stock Exchange (“LUMI”)and the American Stock Exchange(“LMC”). The company owns and operates four mines in
and, this year, a fifth mine is planned to start production in
. Lundin Mining Corp’s Head Office is in
On behalf of the Board of Directors
MANTLE RESOURCES INC.
“Peeyush K. Varshney”
Peeyush K. Varshney
President and Director