|By Marketwired .||
|August 1, 2014 04:13 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 08/01/14 -- Morumbi Resources Inc. (TSX VENTURE: MOC) ("Morumbi" or the "Company") is pleased to announce that it has closed a non-brokered private placement offering (the "Offering") for gross proceeds of $750,000. The Company issued 15,000,000 common shares of the Company (each a "Common Share"), at a price of $0.05 per Common Share. In connection with the Offering, the Company paid $29,540 in cash finder's fees to certain eligible finders.
One director and officer of the Company acquired an aggregate of 3,700,000 Common Shares in the Offering. The participation of such director and officer in the Offering constitutes a related party transaction pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is exempt from the formal valuation and minority approval requirements of MI 61-101 in reliance on Sections 5.5(b) and Sections 5.7(b), respectively, of MI 61-101.
All Common Shares issued pursuant to the Offering are subject to a four (4) month and one (1) day statutory hold commencing from closing. The Offering is subject to TSX Venture Exchange acceptance of requisite regulatory filings. The proceeds raised from the Offering will be used for general working capital.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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