Threegold Closes $1.75M in Financings (2010-12-14)
VAL-D'OR, QUEBEC, Dec. 14, 2010 (Marketwire) -- Threegold Resources Inc (TSX VENTURE:THG) is pleased to announce that it has completed a 1.75 million dollar financing, of which $1,200,000 is in the form of hard dollars and $550,000 is flow-through.
Hard Dollar Private Placement
The company successfully raised $1,200,000 by issuing 4,800,000 units at a price of $0.25 per unit on a non-brokered basis. Each unit consists of one (1) common share of the company and one (1) share purchase warrant entitling the holder to purchase one (1) additional common share of the company at a price of $0.35 for a period of one (1) year following the closing and at a price of $0.50 in the twelve (12) months thereafter. If at any time after four (4) months and one (1) day following the closing of the placement the shares trade above $0.45 for twenty (20) days or more, the warrant holders shall receive notice from the company that they shall have thirty (30) days to exercise their warrants.
In connection with the private placement, a cash commission of $84,000 was paid and 267,400 warrants were issued to the finders, each warrant entitling its holder to acquire one common share at a price of $0.35 for a period of twelve (12) months.
Flow-Through Private Placements
The company raised $300,000 in a brokered financing by issuing 1,000,000 flow-through shares at a price of $0.30 per share. In connection with this private placement, a cash commission of $21,000 was paid to Industrial Alliance Securities Inc., which also received 70,000 broker warrants, each warrant entitling it to acquire one common share at a price of $0.35 for a period of eighteen (18) months.
In addition, $250,000 was raised by issuing 833,333 flow-through shares at a price of $0.30 per share on a non-brokered basis. A cash commission of $17,500 was paid and 58,333 broker warrants were issued in connection with this financing.
All of the proceeds from these private placements will be used for general corporate purposes as well as for exploration work on the company's existing mining exploration properties located in the province of Quebec, such as the Adanac and South Bay properties.
In accordance with applicable securities legislation, the securities issued in connection with the private placement will be subject to a four (4) month and one (1) day hold period following the closing date.
Threegold Resources is actively pursuing gold discoveries on three projects in prolific mining and exploration camps in Ontario and Quebec. The 100% owned Adanac project is immediately adjacent to Gold Bullion's Granada discovery and west of Osisko's 12M ounce deposit on the Abitibi belt. The South Bay Project has yielded a significant surface discovery near Val-d'Or and the Company has recently acquired land in the Shining Tree Camp on the western extension of the Cadillac-Larder Lake Fault Zone. Management is evaluating opportunities to create shareholder value with its recent Rare Earth Element discovery and its Base Metal project in the Gaspe Peninsula.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of theTSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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