CALGARY, ALBERTA--(Marketwire - Oct. 31, 2012) - Antioquia Gold Inc. ("Antioquia Gold" or "the Company") (TSX VENTURE:AGD) (OTCQX:AGDXF) is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement for aggregate gross proceeds of $1,329,046 (the "Placement") via the issuance of 11,075,383 units (each a "Unit") at a price of $0.12 per Unit. Each Unit consists of one common share and one-half of one common share purchase warrant exercisable at $0.25 for a period of six months from the date of issuance.
Desafio Minero S.A.C. ("Desafio"), a current insider and "control person" of the Company, subscribed for all of the Units under the Placement, bringing its total ownership in the Company to 48.9% (on a non-diluted basis).
The proceeds from the Placement will be used for the exploration program at the Company's Cisneros project in Colombia.
All securities issued in connection with the Placement are subject to a four-month hold period that expires on March 3, 2013. Completion of the Placement is subject to TSX Venture Exchange final approval.