Medgold Resources Corp. (TSX-V:MED), the European focused gold exploration company, is pleased to advise that it has closed its previously announced non-brokered private placement by issuing 1,655,000 units at $0.10 per unit, for gross proceeds of $1,655,000. Each unit consists of one common share and one warrant, each warrant entitling the holder to purchase one additional common share of the Company at $0.15 for two years from closing. If the closing price of the Company’s shares is $0.21 or greater for a period of 10 consecutive trading days, the Company may accelerate the expiry of the warrants by giving notice in writing to the holders, and in such case, the warrants will expire on the 30th day after the date on which such notice is given. The Company also issued 36,500 warrants as finders’ fees in connection with the financing. The finders’ fee warrants have the same terms as the purchasers’ warrants. All of the shares and warrants have a resale restriction until June 6, 2014.
The net proceeds of the placement will be used towards exploration of the Company’s properties in Europe and for general working capital purposes.
Medgold is aiming to become the leading Mediterranean-focused gold exploration and project development company, with an extensive portfolio and pipeline of projects across Portugal, Italy and Spain, targeting economically stressed, but politically stable European countries that are seeking foreign investment to invigorate the mining sector.
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