Cangold Closes Private Placement Oversubscribed
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 news 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.
The Company paid cash finders' fees totaling Cdn$10,050, and issued 201,000 finders' warrants. The finders' warrants have the same attributes as the warrants above described. All securities issued and issuable under the private placement are subject to a hold period expiring on April 22, 2010. The financing proceeds will be used for further property acquisition investigations, and for general working capital.
"We are continuing to evaluate advanced stage gold projects with near term production potential in Mexico and elsewhere in Latin America, as a major step forward in the growth of the Company", said Robert Archer, President & CEO. "This financing will ensure that we are sufficiently funded to continue that process in order to find the right project."
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
Kaare G. Foy
Executive Chairman
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.
Cangold Announces $450,000 Financing
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.
Cangold Acquires 100% Of Argosy Gold Mine
Since optioning the property, Cangold has drilled 4,200 metres in 17 holes on this high grade system and has demonstrated the continuity of the gold zones to depth and by further delineating several of the near-surface veins. Furthermore, a new gold zone was discovered on the property in the Casummit Creek area, where auriferous zones are characterized by quartz-ankerite veins in silicified, sericitized intermediate tuffs, argillite and mafic tuffs. Mineralization associated with the veining and altered host rock consists of disseminated arsenopyrite, pyrrhotite and pyrite, with traces of chalcopyrite and sphalerite.
Terms of the acquisition call for Cangold to issue to Premier a total of 2 million shares of Cangold at a deemed price of $0.10 and a cash payment of $10,000. Premier will retain a 0.5% NSR, which can be purchased for $500,000. An underlying 2% NSR will remain in force.
In the current environment of rising gold prices, the Argosy Gold Mine is a significant asset with potential for substantial resource delineation. Consolidating the ownership will allow Cangold the opportunity to better realize the advancement of the project.
Robert F. Brown, P. Eng and Vice-President of Exploration for Cangold is designated as the Qualified Person for the Argosy Gold Mine Project under the meaning of NI 43-101 and has reviewed this news release.
FURTHER INFORMATION
For further information please visit the Company's website at www.cangold.ca or contact B&D Capital at telephone 604 685 6465, fax 604 899 4303 or e-mail info@cangold.ca
ON BEHALF OF THE BOARD
"Robert A. Archer"
Robert A. Archer, P. Geo.,
President & CEO
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.
Cangold Closes Private Placement
On closing, the Company issued 4,700,000 units at $0.05 per unit for gross proceeds of $235,000. Each unit comprises one common share and one-half of one non-transferable share purchase warrant.
Each full warrant entitles the holder to acquire, upon exercise, one additional common share at $0.10 until March 12, 2010, provided, however, that should the closing price of the Company's shares on the TSX Venture Exchange be at least $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 calendar days from the date of such notice.
The Company paid cash finders' fees totalling $8,050, and issued 161,000 finders' warrants. The finders' warrants have the same attributes as the warrants above described. All securities issued and issuable under the private placement are subject to a hold period expiring on July 14, 2009.
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
Kaare G. Foy
Executive Chairman
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.
Cangold Amends Warrant Terms
Subject to TSX Venture Exchange approval, the exercise price of the warrants will be changed from $0.25 to $0.10, and the expiry date of the warrants will be extended from March 24, 2009 to March 24, 2010; provided that the exercise period will be reduced to 30 calendar days if, for any 10 consecutive trading days during the unexercised term of the warrant (the "Premium Trading Days"), the closing price of the common shares of the Company is at least $0.125. The reduced exercise period of 30 days will begin 7 calendar days after the 10th Premium Trading Day.
For further information please visit the Company's website at www.cangold.ca or contact Don Mosher, at telephone 604 685 6465, fax 604 685 9744 or e-mail info@cangold.ca
ON BEHALF OF THE BOARD
Kaare G. Foy: Executive Chairman
CANGOLD LIMITED