March 07, 2003
TORONTO, CANADA - Tsodilo Resources Limited (TSX Venture Exchange: TSD) is pleased to announce that it has negotiated a non-brokered private placement of 315,122 units of the Company (the "Units") at a price of $0.50 per Unit for proceeds to the Company of $157,561. Each Unit consists of one common share of the Company and half a warrant of the Company, each full such warrant entitling the holder to purchase one common share of the Company at a price of $0.50 for a period of two years. Closing of this transaction is subject to regulatory approval. Proceeds from this financing will be added to the Company's working capital.
In addition, with respect to the placement of 100,000 Units with participants located in New Zealand, a commission of 8% will be paid to an agent, Mr. William Rae. In settlement of this obligation, 8,000 Units are to be issued to Mr. Rae. Each Unit consists of one common share of the Company and half a warrant of the Company, each full such warrant entitling the holder to purchase one common share of the Company at a price of $0.50 for a period of two years. The payment of this commission is subject to regulatory approval.
Tsodilo Resources is an international diamond exploration company engaged in the search for economic kimberlites at its Ngami project in northwest Botswana. The design and conduct of the Company's exploration program is the responsibility of Dr. Andrew Moore, a professional geologist registered with the South African Council for Natural Scientific Professions.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
James M. Bruchs -- President and Chief Executive Officer: E-Mail firstname.lastname@example.org
Dr. Andrew E. Moore -- Vice President, Exploration: E-Mail email@example.com
Stephen Woodhead -- Chief Financial Officer and Corporate Secretary: E-Mail firstname.lastname@example.org
Head Office: Telephone +1 416 572 2033 Facsimile + 1 416 572 4164