Marengo completes $5.5M capital raising

  Marengo Mining Ltd has completed the first tranche of its placement of up to 41,666,667 ordinary shares at a price of $0.36 per share for gross proceeds of approximately $15,000,000.Pursuant to the first tranche of the offering, Marengo completed a brokered private placement of 15,277,777 ordinary shares at a price of $0.36 per share for gross proceeds of approximately $5,500,000 through its agent, Paradigm Capital Inc of Toronto, Canada.The second tranche of the offering is a non-brokered private placement of up to 26,388,890 ordinary shares, also at a price of $0.36, for gross proceeds of approximately $9,500,000 primarily to existing and new Australian, and international, institutional, and professional investors. This second tranche of the offering will be completed upon receipt of shareholder approval at a meeting of Marengo’s shareholders, scheduled for 5 September 2007.Marengo intends to use the proceeds from the offering to continue to fund a bankable feasibility study on Marengo’s 100% owned Yandera Copper-Molybdenum Project in Madang Province, Papua New Guinea and for general working capital purposes.