Threegold Announces the Close of Previously Announced $500,000 Financing and the Opening of New $235,000 Financing (2010-09-21)
VAL-D'OR, QUEBEC, CANADA, Sep. 21, 2010 (Marketwire) -- Threegold Resources Inc. (TSX VENTURE:THG) is pleased to announce that it has completed the previously announced private placement of $500,000 and initiated a second placement for up to $235,000.
Closing of Private Placement
According to the terms of the placement, the company successfully raised $500,000 by issuing 10,000,000 units at a price of $0.05 per unit. Each unit is be comprised of one (1) common share of the company and one share purchase warrant entitling the holder to purchase one additional common share of the company at a price of $0.10 for a period of one year following the closing. If the share price is trading about 20 cents for 20 days or more, the warrant holders shall receive notice for the company that they shall have 30 days to exercise their warrants.
In connection with the private placement, a 6% commission was paid on a portion of the funds received for a total of $3,900 on was paid and no warrants were issued.
Second Private Placement
According to the terms of the second placement, the company plans to raise up to $235,000 by issuing 3,916,666 units at a price of $0.06 per unit. Each unit will be comprised of one (1) common share of the company and one share purchase warrant entitling the holder to purchase one additional common share of the company at a price of $0.10 for a period of one year following the closing. The warrants shall have the same early exercise trigger clause as the first financing. The closing of the placement is expected to occur within this week.
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.
The private placements are subject to regulatory approval. In accordance with applicable securities legislation, the securities issued in connection with the private placement will be subject to a four-month hold period following the closing of the Offering.
Threegold Resources is a dynamic and active Quebec-based junior explorer with a diversified property portfolio. Threegold is pursuing exploration on three main projects in Quebec: Lemieux Dome in the Gaspe Peninsula for copper, zinc, lead, silver and gold; Mercier in the Abitibi region where the company recently made a rare earth element discovery containing base and rare metals (see press release of February 2, 2010); and Adanac, a gold property located a few kilometres from downtown Rouyn-Noranda.
You can also visit our website: threegold.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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