MEP 0.00% 20.5¢ minotaur exploration ltd

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    MEP
    ASX Release 24 September 2010
    Page 1 of 2
    247 Greenhill Road, Dulwich 5065, South Australia
    A.C.N. 108 483 601
    Tel: +61 8 8366 6000 Fax: +61 8 8366 6001
    Website: www.minotaurexploration.com.au
    Email: [email protected]
    ASX Code: MEP
    24 September 2010
    The Company Announcements Office
    Australian Securities Exchange Limited
    Placement raises A$3.38 million for Minotaur
    Minotaur Exploration Limited (Minotaur, ASX code: MEP) is pleased to announce that it
    has successfully closed a placement of new equity, raising A$3.38 million before costs.
    The placement, at A$0.28 per share, will see approximately 12 million new ordinary shares
    allocated to clients of Patersons Securities (Lead Manager), Taylor Collison and Phillip
    Capital.
    Minotaurs free cash position at the end of August was $3.67 million.
    Todays equity injection will further underpin Minotaurs extensive Q4 2010 exploration
    programme and position the Company for equally intensive activity in the first half of
    calendar 2011. Minotaur is active across a suite of multi-metal projects in SA, NT,
    Queensland, has recently expanded into Victoria, and has tenements in Canada.
    Minotaurs multi commodity project pipeline is robust and exciting, with exposure1 to:
    multiple iron-oxide-copper-gold geophysical anomalies, such as near Olympic Dam in
    South Australia, immediately north of the Ernest Henry mine near Cloncurry in
    Queensland, and along the major Cobequid regional suture in Nova Scotia, Canada
    base metals prospects in New South Wales, Victoria and South Australia
    an 803,000 ounce JORC gold resource2 in South Australia and potential for new
    discoveries in proven goldfields in Victoria
    a significant new and high quality, magnetite iron province south-west of Broken Hill, and
    potentially the highest quality kaolin deposit available globally, near Ceduna in South
    Australia.
    1 Minotaurs involvement in projects mentioned is either as a joint venture partner (where Minotaur is
    operator and manager) or as sole owner. Refer Quarterly Report for period ending 30 July 2010 for
    details of relevant equity positions.
    2 Tunkillia gold project, Minotaur 54.75%MINOTAUR EXPLORATION LTD
    Minotaur Exploration Limited, MEP
    ASX Release 24 September 2010
    Page 2 of 2
    Minotaurs Managing Director, Mr Andrew Woskett, said:
    With a sound cash balance, sound equity investments in listed resource explorers, a solid
    shareholder base, supportive and constructive Japanese joint venture participants, and a
    project portfolio that belies Minotaurs size, Minotaur will move strongly through the
    remainder of 2010. With these new investee funds Minotaur can continue its work
    programme with confidence and develop our opportunities into 2011.
    In accordance with Listing Rule 3.10.3, the Company provides the following details of
    the placement shares:
    Class of Securities: Fully Paid Ordinary Shares
    Number to be issued: 12,079,437
    Principal Terms: The shares will carry standard rights applicable to
    quoted ordinary shares in the Company and will, from
    the date of issue, rank equally with fully paid quoted
    ordinary shares currently on issue.
    Issue Price: $0.28 per share
    Purpose of the Issue: Issued to raise funds for exploration and working capital
    purposes.
    Shareholder Approval: The Company will not seek shareholder approval prior to
    the issue of the placement shares as approval for this
    issue is not required by the Listing Rules. The company
    intends to subsequently seek approval of this issue at its
    annual general meeting pursuant to Listing Rule 7.4
    (subsequent approval of issue of securities).
    Issue to Class: The issue is not being made to a class of security
    holders.
    As the issue will be to sophisticated and/or professional investors, it will not require
    disclosure under the Corporations Act.
 
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