ENP Newswire - 16 June 2014
Release date- 13062014 - MONTREAL, QC - Adventure Gold Inc. (AGE: TSX-V) announces the closing of a private placement totaling 5,429,411 units at a price of $0.17 per Unit, for total proceeds of $922,999.87.
Each Unit consists of one (1) common share of the Company (a 'Share') and one half (1/2) of one share purchase warrant (each full warrant, a 'Warrant'). Each Warrant entitles the holder to acquire one (1) common share of the Company at a price of $0.25 per share for a period of eighteen (18) months ending December 12, 2015.
In connection with the Offering, the Company paid finders' fees totaling $37,680 and issued, as additional remuneration, 102,117 non-transferable warrants entitling the holder to acquire the same number of common shares of the Company at a price of $0.17 per share for a period of eighteen (18) months ending December 12, 2015.
In connection with the Offering, the Fonds de solidarite FTQ and the Fonds regional de solidarite FTQ Abitibi-Temiscamingue participated in the financing for an amount of $400,000 and $ 75,000 respectively. The Offering is subject to the final approval of the TSX Venture Exchange. The securities issued in connection with the Offering are subject to a four months hold period ending October 13, 2014.
Adventure Gold Inc. is a mineral exploration company focused on discovering and developing high-quality gold deposits in the Abitibi region located in eastern Canada - one of the richest gold mining areas in the world. Adventure Gold has become, in a few years, an important player in the mineral exploration industry with one of the best portfolios of exploration properties along the main gold-bearing structures of the Abitibi Greenstone Belt.
The Company is exploring mainly close to gold mines where mining production infrastructure is already in place, which distinguishes it from several other exploration companies. Adventure Gold's exploration team consists of mining professionals having worked previously for well-established producing companies, who understand industry challenges. The Company owns 100% of the rights on its two main projects namely: Val-d'Or East and Detour Quebec.
The Val-d'Or East flagship project encompasses the Pascalis-Colombiere property where Cambior Inc. (now IAMGOLD) produced gold between 1989 and 1993 at the Beliveau Mine. Close to the former mine, Adventure Gold recently discovered a significant new gold system containing 770,000 gold ounces at 2.63 g/t in the inferred resource category (SGS Canada Inc., NI 43-101 Technical Report Mineral Resource Val-d'Or East Property filed on Jan. 4th, 2013) and is actively working on its development. With a total of 74.0M shares issued and close to 10% owned by the management, Adventure Gold is well-positioned to benefit its shareholders.
President & CEO
Adventure Gold Inc.
The foregoing information may contain forward-looking statements and events relating to the future performance of the Company. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Company's filings with the appropriate regulatory authorities.