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| | Tue Feb 17, 2009
Cangold Announces $300,000 Financing
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| | CANGOLD LIMITED (TSX-V: CLD, the "Company") announces a non-brokered private placement financing of up to Cdn$300,000 consisting of up to 6 million units at Cdn$0.05 per unit. Each unit comprises one common share and one-half non-transferable share purchase warrant.
Each full warrant entitles the holder to acquire, upon exercise, one additional common share at Cdn$0.10 for a period of one year, provided, however, that should the closing price of the Company's shares on the TSX Venture Exchange be at least Cdn$0.20 per share for 20 consecutive trading days (at any time at or following the expiry of the four month resale restriction period), the Company may, by notice to the holder (supplemented by a new release of general dissemination) reduce the remaining exercise period applicable to the warrants to not less than 30 days from the date of such notice.
Finder's fees may be paid on portions of the private placement.
The private placement shares, any shares acquired upon exercise of the warrants and any securities issued in payment of finder's fees will be subject to a four-month hold period.
The financing proceeds will be used for further property acquisition investigations, and for general working capital.
For further information please visit the Company's website at www.cangold.ca or contact Don Mosher, at telephone 604 685 6465, fax 604 899 4303 or e-mail info@cangold.ca
ON BEHALF OF THE BOARD
Signed: "Kaare G. Foy"
Kaare G. Foy: Executive Chairman
CANGOLD LIMITED |
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| | You can view the Next News Releases item: Fri Mar 6, 2009, Cangold Amends Warrant Terms
You can view the Previous News Releases item: Mon Sep 8, 2008, Cangold Reports On Phase I Drilling Program At Plomo
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