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Angel Gold increases placement to $2-million
2013-01-22 09:51 ET - News Release
Ms. Blanca Frias reports
ANGEL GOLD: INCREASES PRIVATE PLACEMENT TO $2,000,000
Angel Gold Corp. has agreed to increase the previously announced non-brokered private placement of 10 million units at 10 cents per unit up to 20 million units at 10 cents per unit for gross proceeds of $2-million. 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.
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