Metanor drops C$5 million private placement offering of units

By Sheri Kasprzak

Atlanta, Jan. 7 - Metanor Resources Inc. has decided not to proceed with a previously announced C$5 million private placement.

The company said in a statement it is working to arrange another private placement with European and Canadian investors and additional details about a new offering will be released in the coming weeks.

On Dec. 9, the company said it planned to sell a maximum of 3,000 A units; 1,000 B units and 1,000 C units at C$1,000 each. The units were comprised of a combination of flow-through shares, common shares and warrants.

Canaccord Capital Corp. had been the placement agent in the deal.

Based in Val-D'or, Quebec, Metanor is a diamond exploration company. The company planned to use the proceeds from the A units for Canadian exploration expenses on its properties before Dec. 31, 2005. The funds from the B units were to be used for Canadian exploration expenses before Dec. 31, 2005. The proceeds from the C units were to be used for working capital.

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