December 23, 2009
- Tsodilo Resources Limited (the "Company") (TSX Venture Exchange: TSD) is pleased to announce the closing of the private placement previously announced on December 16th and December 21st.
In a non-brokered private placement, 2,102,758 units of the Company (the "Units") were issued at a price of CDN $0.55 per Unit for proceeds to the Company of CDN $1,156,517.10. 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 $0.55 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 December 22, 2010 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 and metals exploration company engaged in the search for economic kimberlites and metal deposits at its Newdico (Pty) Limited ("Newdico') and Gcwihaba Resources (Pty) Limited ("Gcwihaba") projects in northwest Botswana. The Company has an 95% stake in Newdico (9,400 square kilometers under diamond license) while Trans Hex Group, a South African diamond mining and marketing company, holds the remaining 5%. The southern and northern Gcwihaba project area (6,856 square kilometers under diamond license and 13,400 square kilometers under base and precious metals licenses) is 100% held by the Company. Tsodilo manages the exploration of both the Newdico and Gcwihaba license areas. The Company has offices in Toronto, Canada and Gaborone and Maun, Botswana. 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