Maudore Minerals Raises a Further $4,381,000 @ $8 per Share

Maudore Minerals Ltd MAO
2/17/2011 4:00:00 AM
Montreal, QC February 17, 2011

Montreal, Quebec CANADA, February 17, 2011 /FSC/ - Maudore Minerals Ltd. (TSX - VX: MAO, FWB: M6L), is pleased to announce the closing yesterday of a second tranche of 547,625 units ("Units") for gross proceeds of $4,381,000, which was increased by approximately $1.4 million. The first tranche of the previously announced non-brokered private placement closed on December 30, 2010.

Each Unit is comprised of one common share of the Company, issued as a flow-through share ("Flow-Through Share") and one-half of one common share purchase warrant, with each whole common share purchase warrant, ("Warrant") exercisable at $8.00 per share until August 16, 2012. The price per Unit of $8.00 represented a premium of approximately 46% to Maudore's closing price on February 15, 2011 on the TSX Venture Exchange. The Company paid a finder's fee of approximately 6% of the gross proceeds of the Offering to Oberon Capital Corporation. The Flow-Through Shares and Warrants are both subject to a four-month hold period, which expires on June 17, 2011.

CEO Ronald Shorr stated, "The second tranche of this financing was increased by approximately 47%; I'm pleased by the strong demand for our shares, and the opportunity to again raise exploration funds on such favourable terms for current shareholders."

After this closing, Maudore has only 24,230,005 shares outstanding, 26,524,334 fully diluted. Proceeds from the sale of these Units will be used for exploration on the Company's Comtois Gold Project and the associated land area. Four drill rigs are currently working 24 hours a day, 7 days a week on the project.


About Maudore Minerals Ltd.