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| | Mon Aug 30, 2004
Cangold Completes Fully-Subscribed $1.24 Million Offering
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| | CANGOLD LIMITED (TSX-V: CLD), has completed an offering of 5,000,000 flow-through common shares at a price of $0.20 per common share and an offering of 1,500,000 units at a price of $0.16 per unit, for gross proceeds of $1,240,000, through Dundee Securities Corporation and Canaccord Capital Corporation. Each unit consists of one common share and one-half of one transferable share purchase warrant. One whole warrant entitles the holder to purchase one additional common share at a price of $0.22 until August 27, 2005.
CANGOLD will use the proceeds of this offering for the further exploration and development of its Thorn and Argosy Projects and other Canadian exploration projects, and for general corporate purposes.
The agents received for their services a total fee of $99,200 and a total of 520,000 broker warrants. Each broker warrant entitles the holder thereof to purchase one common share of CANGOLD at a price of $0.20 until August 27, 2005.
All common shares issued under the private placement, as well as common shares issuable on the exercise of the warrants, are subject to hold periods expiring on December 28, 2004.
For further information please contact Don Mosher, Investor Relations, at telephone 604 685 6465, fax 604 685 9744 or e-mail info@cangold.ca.
ON BEHALF OF THE BOARD
signed "Kaare G. Foy"
Kaare G. Foy
Director and CFO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Not for distribution to United States newswire services or for dissemination in the United States. |
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