Medoro Resources Ltd.
TSX VENTURE: MRS
Other Recent News
August 3, 2010
Medoro Consolidates Its Issued and Outstanding Common Shares on A Three for One Basis
TORONTO, ONTARIO--(Marketwire - Aug. 3, 2010) - Medoro Resources Ltd. (TSX VENTURE:MRS) is pleased to announce that it has received all requisite approvals to implement the previously announced consolidation of the issued and outstanding common shares of the Company on a three-for-one basis. The consolidation was approved at the annual and special meeting of the shareholders of the Company held on June 9, 2010 and was accepted by the TSX Venture Exchange in accordance with its policies on August 3, 2010.
The post-consolidation common shares of the Company will commence trading on the TSX Venture Exchange on August 4, 2010. The Company's name and its trading symbol, MRS, will remain unchanged.
Effective upon the implementation of the consolidation, and subject to rounding, Medoro will have approximately 140,317,404 common shares issued and outstanding. Each stock option or other security of the Company convertible into pre-consolidation common shares that has not been exercised or cancelled prior to the effective date of the consolidation will be adjusted pursuant to the terms thereof on the same exchange ratio of three-for-one and each holder of pre-consolidation convertible securities will become entitled to receive post-consolidation common shares pursuant to such adjusted terms.
No fractional common shares will be issued to shareholders as a result of the consolidation. The number of common shares issued to shareholders as a result of the consolidation will be rounded up to the nearest whole common share in the event that a shareholder would be otherwise entitled to a fractional common share representing 0.5 or more of a common share as a result of the consolidation, and will be rounded down to the nearest whole common share in the event that a shareholder would be otherwise entitled to a fractional common share representing less than 0.5 of a common share as a result of the consolidation. No compensation will be issued to shareholders as a result of rounding down.
About Medoro Resources Ltd.
Medoro Resources Ltd. is a gold exploration, development and mining company with a primary emphasis on Colombia. The Company operates the producing Mineros Nacionales gold mine located in Zona Baja at Marmato and is conducting an exploration and infill drilling program at its Marmato Project to upgrade and expand its gold resources there.
Medoro has signed an agreement with Gran Colombia Gold S.A. giving it a 5% carried interest in Frontino Gold Mines Limited (when acquired by Gran Colombia) and a right for one year from the closing of the acquisition to increase its interest in Frontino to 50%.
Medoro also holds a 100% interest in the Lo Increible 4A and 4B concessions in Venezuela where it is continuing its efforts to obtain an exploitation permit to allow development of these gold properties when circumstances in Venezuela allow. Medoro owns interests in gold exploration properties in Mali in respect of which it is seeking possible joint venture partners to further explore these properties.
Additional information on Medoro Resources Ltd. can be found on the Company's website at www.medororesources.com and by reviewing the Company's profile on SEDAR at www.sedar.com.
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the future financial or operating performance of Medoro and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Medoro to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and Medoro disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION:
Medoro Resources Ltd.
John Hick
President & CEO
(416) 603-4653
or
Medoro Resources Ltd.
Linda Dorrington
Director, Investor Relations
(416) 603-4653
www.medororesources.com
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