| ||November 06, 2003|
Orko Gold Corporation Closes Private Placement
| ||Further to its new release of September 16, 2003, Orko Gold Corporation (the "Company") announces that it has closed its private placement of 6,300,000, priced at $0.08 per unit, for gross proceeds of $504,000. Each unit consists of one common share and one share purchase warrant, with each warrant entitling the holder thereof to purchase an additional common share for a period of two years at a price of $0.10 per share.|
In addition, the Company has issued 380,000 common shares at a deemed price of $0.08 per share to Valor Invest Limited in consideration of its efforts in finding certain of the placees. The proceeds from the placement will be used to satisfy accounts payable, for general working capital and, subject to the Company's determination to proceed, for further exploration on certain of its optioned mineral properties. The Company is concurrently reviewing data on several property acquisition opportunities and in the event management determines that any of the projects present a better opportunity, such that the Company decides not to continue exploration on its optioned properties, a portion of the funds will be used to fund due diligence and acquisition costs of one or more of such new projects.
Further to its news release of October 1, 2003, the Company also announces that it has closed its debt settlement of 400,000 units at a deemed price of $0.08 each, in settlement of $32,000 in debt. The units have the same terms as the placement units.
The common shares forming part of the units as well as the common shares which may be issued upon exercise of the warrants for the debt settlement and private placement are subject to a hold period which will expire March 7, 2004. The warrants are non-transferable.
ON BEHALF OF THE BOARD
The TSX Venture Exchange Inc. has neither approved nor disapproved the information contained herein.
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