IPO - newsTSX VENTURE: PLE) -
Escondoro Resources Ltd. ("Escondoro" or the "Corporation") is pleased to announce that it has filed an amended and restated prospectus (the "Prospectus") with the securities regulatory authority in each of the provinces of Quebec, Ontario, Alberta and British Columbia (the "Securities regulatory authorities") in connection with an initial public offering (the "IPO") of units (the "Units") at a price of $0.40 per Unit, each Unit consisting of one common share of Escondoro and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder thereof to purchase one common share of Escondoro at a price of $0.60 at any time prior to 5:00 p.m. (Montreal time) on the date that is 24 months following the closing of the IPO. Pursuant to its IPO, Escondoro intends to issue $3,000,000 of Units. A receipt from the Securities regulatory authorities was obtained for the Prospectus. The Corporation has appointed Canaccord Capital Corporation to act as agent with respect to the IPO.
The closing of the IPO is subject to customary conditions and is expected to occur on or about March 31st, 2008.