November 17, 2008
TORONTO, ONTARIO - Tsodilo Resources Limited (the "Company") (TSX Venture Exchange: TSD) is pleased to announce the closing of the private placement previously announced on November 11, 2008.
In a non-brokered private placement, 463,852 units of the Company (the "Units") were issued at a price of CDN $0.70 per Unit for proceeds to the Company of CDN $324,698. Each Unit consists of one common share of the Company and one warrant of the Company, each such warrant entitling the holder to purchase one common share of the Company at a price of CDN $0.70 for a period of two years. The common shares, warrants and warrant shares are subject to a negotiated hold period of twelve (12) months, expiring on November 14, 2009 and the certificates evidencing such securities will bear a legend to that effect. Proceeds from this financing will be added to the Company's working capital.
Tsodilo Resources Limited is an international diamond exploration company engaged in the search for economic kimberlites at its Newdico (Pty) Limited ("Newdico') and Gcwihaba Resources (Pty) Limited ("Gcwihaba") projects in northwest Botswana. The Republic of Botswana is the leading producer of diamonds, by value, in the world and its mines are amongst the most profitable. The country is democratically ruled, boasting a growing economy and a stable political environment. Tsodilo has an 92% stake in Newdico (16,800 sq. km under diamond license) while Trans Hex Group, a South African diamond mining and marketing company, holds the remaining 8%. The southern Gcwihaba project area (6,703 sq. km under diamond license and 4,200 sq. km under base and precious metals licenses) is 100% held by the Company. Tsodilo Resources Limited manages the exploration of both the Newdico and Gcwihaba license areas. Please visit the Company's website, www.TsodiloResources.com, for additional information and background on our projects.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control, which may cause actual results or performance to differ materially from those currently anticipated in such statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
James M. Bruchs - President and Chief Executive Officer
E-Mail - JBruchs@TsodiloResources.com
Head Office - Telephone +1 416 572 2033 Facsimile + 1 416 987 4369