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Mazorro closes $224K private placement

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Published on January 3, 2012; Published on January 3, 2012
OBJ Staff

Mazorro Resources Inc., an Ottawa mining company, plans to pursue more drilling with funds raised in a private placement.

Topics :: Adventure Gold Inc. , Quebec

The firm raised $224,650 through raising 1,497,666 flow-through common shares.

Mazorro will pay $12,772 in finders' fees in association with the placement.

The proceeds will be used for drilling and other exploration costs at its Lapaksa property in Quebec, held under option from Adventure Gold Inc.

Mazorro and Adventure Gold announced the terms of the Lapaska arrangement in December 2010.

The property, in the Louvicourt township of Quebec, was acquired through a December 2010 deal where Mazorro committed $250,000 in cash, three million common shares and $1.7 million in work expenditures over a three-year period.

In exchange, Mazorro was to receive an initial 50-per-cent interest and an option for an additional 20-per-cent stake.

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