Minera IRL Announces a US$1 Million Debt for Equity Swap With Resource Capital Fund

Minera IRL Limited (TSX:IRL)(AIM:MIRL)(BVLAC:MIRL) announced that it has entered into an agreement with Resource Capital Fund III LP to exchange the US$1 million outstanding principal amount of the RCF Working Capital Facility for the issue of 1,111,111 million new ordinary shares in the Company at a price of US$0.90 per share.

The press release is quoted as saying:

The issuance of the new ordinary shares is subject to regulatory approval, including the approval of the Toronto Stock Exchange (“TSX”). The debt for equity swap is subject to customary closing conditions for such a transaction, and the Company expects the transaction to close by June 30, 2010 (“Closing”).

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