Press Release Source: Oriental Minerals Inc.
Oriental Minerals Announces Private Placement Tuesday July 10, 4:30 pm ET VANCOUVER, BC--(MARKET WIRE)--Jul 10, 2007 -- Oriental Minerals Inc. (CDNX: OTL.V - News) is pleased to announce a non-brokered private placement of up to 5,000,000 Units at a price of $1.55 per Unit for total gross proceeds of up to $7,750,000. The Units consist of one common share and one share purchase warrant, with each warrant exercisable for $2.00 for 18 months from the closing date of the private placement. A finder's fee in accordance with Exchange guidelines may be payable on this financing. Proceeds from the private placement will be used to fund planning and the current phases of work on the projects in South Korea, additional project acquisitions, and working capital.
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