Wed Nov 25, 2009 Cangold Announces $450,000 Financing
CANGOLD LIMITED (TSX-V: CLD, the "Company") announces a non-brokered private placement financing of up to Cdn$450,000 consisting of up to 9 million units at Cdn$0.05 per unit. Each unit comprises one common share and one non-transferable share purchase warrant.
Each 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 10 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
ON BEHALF OF THE BOARD
Kaare G. Foy: Executive Chairman CANGOLD LIMITED
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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