Here's a post from a poster named Jay 10000 on the Smart Investor site:

Hi all,

Received NR via Marketwire E-mail this morning....More after news release.......

Quote:

December 22, 2008 Metanor Resources Inc.: Closing of Private Placements VAL-D'OR, QUEBEC, CANADA--(Marketwire - Dec. 22, 2008) - Metanor Resources Inc. ("Metanor" or the "Company") (TSX VENTURE:MTO) announces the closing, on December 19, 2008, of a private placement as disclosed last November 26 and December 18. This closing allows Metanor to accept the subscription of 4,288,089 Flow-Through Common Shares at the price of $0.45 per share, for a gross amount of $1,929,640.05. Raymond James Limited acted as agent for said private placement. The proceeds from the private placement will be used for surface drilling at the Company's Hewfran and Barry (Zone 51) projects. Said gross proceeds will be used to incur expenses that qualify as Canadian Exploration Expenses ("CEE"), which the Company will renounce in favor of subscribers pursuant to the Income Tax Act (Canada). In addition, Metanor closed a non-brokered concurrent private placement with one investor pursuant to which Metanor issued 1,200,000 Flow-Through Common Shares at a price of $0.50 per share, as disclosed last December 18. The proceeds from this placement, amounting to $600,000, will be used for exploration expenses on the Nelligan and Hewfran properties, located in Quebec. Said exploration expenses will qualify as CEE and will be renounced pursuant to the Income Tax Act (Canada) and the Taxation Act (Quebec). Each subscriber is qualified as an accredited investor. The securities issued are subject to resale restrictions, in accordance with applicable securities legislation, requiring that the securities not be traded before April 20, 2009. The Flow-Through Common Shares have not been registered under the United States Securities Act of 1933 (the "Act") and may not be offered or sold absent registration under the Act or an applicable exemption from the registration requirements thereof. This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction or an exemption therefrom. 78,957,782 outstanding shares TSX Venture Exchange does not accept any responsibility for the adequacy or the accuracy of the press release. CONTACT INFORMATION: Metanor Resources Inc. Serge Roy Chairman and CEO 819-825-8678 Fax: 819-825-8224 info@metanor.ca www.metanor.ca

Also talked to Ronald Perry (VP and director) briefly regarding the PP and what Metanor's thought process was based on the events that transpired....My question was a basic one.....Why such a large PP now, during tax loss season, at these prices and how are their immediate plans affected now that they didn't raise what they expected to.....

Here's what I came away with....

They went ahead with the PP because they really want to fast track their plans and Raymond James was comfortable with it......They are still considering funding options, a few things on their plate that he couldn't really talk about.....Being a small gold producer, they have quite a number of options right now......A small number of investors took the entire Raymond James PP (I think he said 4 or 5).....They have their line of credit that is accessible, $4M coming back from the Quebec gov't, and they've made the decision that they want to get things moving quickly.....Don't want to wait for CF to fund their plans.....Want to be aggressive....

They would like to get the mill to 1200tpd, get to the higher grades underground, and get moving on exploration ASAP.....Target of 50K oz/year.....Plan on blending high grade underground/lower grade pit feed to enhance CF going forward....

Corporate update coming soon, couldn't include it in PP release.....

Also go here http://miningmarketwatch.net/ for latest....Nov. 25th interview with Ronald Perry and latest article on MTO, dated Dec. 16th.......Lots of good info there.....

That's all!!...