VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 20, 2007) - Molycor Gold Corp. (TSX VENTURE:MOR)(PINK SHEETS:MLYFF)(FRANKFURT:M1V) (the "Company") is raising, by way of non brokered private placement (the "Private Placement") of up to 7,500,000 units (the "Units") at a price of $0.20 per Unit, for aggregate proceeds of up to $1,500,000. Each Unit will consist of one common share (a "Share") and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one-half of a Share for a period of one year at an exercise price of $0.25 per Share.
The proceeds of the Private Placement will be used for general working capital and exploration projects.
In connection with the Private Placement, the Company has agreed to pay fees and commissions in accordance with the policies of the TSX Venture Exchange (the "Exchange").
The Private Placement is subject to Exchange approval.
On Behalf of Management
Edward Lee, President and Director
This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX-Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.
FOR FURTHER INFORMATION PLEASE CONTACT:
Molycor Gold Corp.
Edward Lee
President and Director
(604) 531-9639
(604) 531-9634 (FAX)
Email: info@molycor.com
Website: www.molycor.com
The TSX-Venture Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of
this release.
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