Rusoro to raise money for Venezuelan property expenses

2009-02-23 16:46 ET - News Release

Mr. George Salamis reports

RUSORO MINING LTD. ANNOUNCES EQUITY FINANCING

Rusoro Mining Ltd. has filed and obtained a receipt for a preliminary short-form prospectus with the securities regulatory authorities in each of the provinces of British Columbia, Alberta and Ontario in connection with a proposed overnight marketed public offering of common shares in the company. Canaccord Capital Corp. has been engaged as sole underwriter in respect of the offering. The company has granted Canaccord an overallotment option to purchase up to that number of additional common shares equal to 15 per cent of the common shares sold pursuant to the offering, exercisable at any time up to 30 days from the closing of the offering.

The offering will be priced in the context of the market with final terms of the offering to be determined at the time of pricing. The company intends to use the net proceeds from the offering for capital expenditures on its Venezuelan gold properties and for general corporate purposes.

The offering is scheduled to close on or about March 12, 2009, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the securities regulatory authorities.