Marum Resources closes $420,000 private placement

2009-02-27 05:38 EST - News Release

Mr. Arness Cordick reports

$420,000 PRIVATE PLACEMENT CLOSED

Marum Resources Inc. has closed its previously announced non-brokered private placement offering of six million units at a price of seven cents per unit, for gross proceeds of $420,000. Each unit comprises one common share of the company and one share purchase warrant. Each warrant will entitle the holder to purchase one share at a price of 13 cents per share for a period of 36 months from the date the warrant is issued.

The shares issued pursuant to the offering will be subject to a hold period of four months and one day from the date of closing of the offering, being June 27, 2009.

Insiders of the company subscribed for 32.6 per cent of the offering. Pursuant to the policies of the TSX Venture Exchange, the sale of units to these insiders constitutes a "related-party transaction" as defined in Multilateral Instrument 61-101 -- protection of minority securityholders in special transactions. The offering, however, is exempt from applicable formal valuation and minority shareholder approval requirements as the fair market value of the units does not exceed 25 per cent of the market capitalization of the company.

No fees or commissions shall be payable in connection with this placement.

The net proceeds from the offering will be used to explore the company's gold properties and for general corporate purposes.

The final closing of the offering is subject to receipt of all necessary approvals, including the approval of the TSX-V.