Portfolio News
| December 02, 2009 ORIENTAL MINERALS CLOSES PRIVATE PLACEMENT | |
| Vancouver, BC, December 2nd, 2009 -- Oriental Minerals Inc. (OTL: TSX-V) (the "Company") is pleased to announce that it has closed its non-brokered private placement of 1,125,000 units at a price of $0.08 per unit to raise gross proceeds of $90,000. The units consist of one common share and one purchase warrant, with each warrant exercisable into one common share of the Company at a price of $0.12 until December 1, 2011. Proceeds from the private placement will be used to complete the 2009 audit and preserve mining titles. Shares in the Company are still subject to a Cease Trade Order issued by the BC Securities Commission (BCSC) until the Company applies for and receives a full revocation order from the BCSC following the filing of its audited financial statements for 2009. The private placement was closed due to a Partial Revocation Order issued today by the BCSC. About Oriental Minerals Oriental Minerals is focused on developing world-class mining projects in South Korea. Its flagship Sangdong tungsten-molybdenum project is nearing the completion of a Preliminary Economic Assessment as a further step to revitalizing what was formerly one of the largest tungsten mines in the world. On behalf of the Board of Directors, Ian Fodie President & CEO For More Information Contact: Ian Fodie, President & CEO info@orientalminerals.com or Mike Rodger, Resinco Capital Partners 1-604-696-6515 www.orientalminerals.com This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. Such statements are based on numerous assumptions and are subject to all the risks and uncertainties inherent in the Company's business, including risks related to mineral exploration and development. Consequently, actual results may vary materially from those described in the 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. | |
