1 million is not a lot of money but enough for them to start drilling and incidently activate some warrants to cash up the company further along the way.
Angel Gold arranges $1-million private placement
2013-01-18 11:15 ET - News Release
Ms. Blanca Frias reports
ANGEL GOLD: NON-BROKERED PRIVATE PLACEMENT
Angel Gold Corp. has arranged a non-brokered private placement raising gross proceeds of up to $1-million through the sale and issuance of up to 10 million units at a price of 10 cents per unit. Each unit comprises one common share of the company and a one-half share purchase warrant. Each whole share purchase warrant entitles the holder to purchase one additional common share of the company at a price of 15 cents per share for a period of two years from the date of closing of the non-brokered private placement.
The units issued with respect to the offering will be subject to a four-month hold period in accordance with applicable Canadian securities laws. A portion of the private placement may be subject to a finder's fee that will be payable at 6 per cent in cash or units with respect to certain private placement subscribers and in accordance with the policies of the TSX Venture Exchange. The finder's fee units are subject to the same terms as the private placement units above.
Proceeds from the private placement will be used to commence a drilling program on Angel's El Cafetal property in Colombia and for general working capital.
The non-brokered private placement is subject to the approval of the TSX Venture Exchange.
We seek Safe Harbor.