Mira Resources is still in active negotiations with the Ghana National Petroleum Corporation ("GNPC") with respect to the proposed acquisition by the Company of the onshore Tano Basin concession in Ghana. The Company believes that it has demonstrated to the GNPC its financial and technical capabilities and continues to follow due process for the granting of the concession. The Company anticipates that a memorandum of understanding between the Company and the GNPC setting forth the terms and conditions of the acquisition will be entered into shortly.
The Company also announces that the previously announced C$320,000 bridge loan with Jay King has, at the option of the holder, been converted into 1,066,666 common shares of the Company. The common shares issued pursuant to the bridge loan are subject to a hold period that will expire on March 10, 2010.
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