June 01, 2004
Private Placement Closing
TORONTO, ONTARIO - Tsodilo Resources Limited (TSX Venture Exchange: TSD) is pleased to announce the closing of the private placement previously announced on May 25, 2004.
In a non-brokered private placement, 687,409 units of the Company (the "Units") were issued at a price of $0.75 per Unit for proceeds to the Company of $515,557. 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 $0.75 for a period of two years. The Firebird Global Master Fund, Ltd ("FGMF") acquired 557,360 of the units. FGMF is a contrarian portfolio equity fund that invests in markets throughout the world and is managed by Mr. James Passin. Proceeds from this financing will be added to the Company's working capital.
The common shares, warrants and warrant shares are subject to a statutory hold period under securities laws of 12 months, expiring on May 31, 2005 and the certificates evidencing such securities will bear a legend to that effect. Consequently, the common shares, warrants and warrant shares may only be resold during such 12 month period in accordance with appropriate statutory exemptions from the prospectus requirements of the securities laws or if appropriate consents or discretionary orders have been obtained.
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 firstname.lastname@example.org Dr. Andrew E. Moore -- Vice President, Exploration: E-Mail email@example.com Head Office: Telephone +1 416 572 2033 Facsimile + 1 416 572 4164