July 29, 2003
TORONTO, CANADA - Tsodilo Resources Limited (TSX Venture Exchange: TSD) is pleased to announce that it has negotiated a non-brokered private placement of 325,708 units of the Company (the "Units") at a price of $0.50 per Unit for proceeds to the Company of $162,854. 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.
Under the terms of its Stock Option Policy, following the annual meeting of shareholders and the appointment of the directors on July 9, 2003, Tsodilo Resources has issued 200,000 options to four directors at $0.50 per share. These options vest as to 25% immediately, and 25% on each of the sixth, twelfth and eighteenth month anniversaries of the date of the grant. The options are valid for five years.
Tsodilo Resources is an international diamond exploration company engaged in the search for economic kimberlites at its Ngami and Gcwihaba projects 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 email@example.com
Dr. Andrew E. Moore -- Vice President, Exploration: E-Mail firstname.lastname@example.org
Stephen Woodhead -- Chief Financial Officer and Corporate Secretary: E-Mail email@example.com
Head Office: Telephone +1 416 572 2033 Facsimile + 1 416 572 4164