News Column

BCGold Corp. Closes Private Placement

July 8, 2014



ENP Newswire - 08 July 2014

Release date- 04072014 - Vancouver, British Columbia - BCGold Corp. is pleased to announce that it has closed the final tranche of its private placement previously announced on February 18, 2014 and March 27, 2014.

The Company has raised $100,000 through the issuance of 1,600,000 non-flow-through units ('NFT Units') priced at $0.05 per NFT Unit and 400,000 flow-through units ('FT Units') priced at $0.05 per FT Unit. This is in addition to $160,000 and announced by the Company in the first tranche of the private placement.

Each NFT Unit comprises one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional non-flow-through common share at a price of $0.10 per share for up to five years expiring July 2, 2019.

The warrants are subject to an accelerated expiry date, which comes into effect when the trading price of the Company's shares closes at or above $0.15 per share for twenty consecutive trading days in the period commencing four months after the date of issuance. In such an event the Company will give expiry acceleration notice ('Notice') to the warrant holders and the expiry date of the warrants will be 30 days from the date of Notice.

Each FT Unit comprises one flow-through or one BC super flow-through common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional non-flow-through common share at a price of $0.10 per share for up to five years expiring July 2, 2019.

Aggregate insider participation in the two tranches of this private placement is the purchase of 2,000,000 NFT Units.

On the final tranche of this private placement the Company paid finder's fees of $2,125 and issued 42,500 finder warrants, which entitle the holder to purchase one BCGold common share at a price of $0.10 for up to five years expiring July 2, 2019. All securities are subject to a four month hold period expiring November 3, 2014.

Use of Proceeds

NFT Unit proceeds from this financing will be used for continued marketing of the gold concentrate production opportunity at the Company's 100% owned Engineer Mine gold property and for general working capital purposes.

FT Unit proceeds will be used to conduct a nominal program of soil sampling, geological mapping and prospecting on the Engineer Mine property, focusing on the recently defined 1.0 km by 0.5 km coincidental gold-in-soil, magnetic and resistivity anomaly situated immediately south of the mine workings. The Company will continue efforts to raise an additional $500,000 to conduct a drill program to test this bulk tonnage gold target in 2014.

About BCGold

BCGold is a Vancouver-based junior resource company focused on copper and gold exploration in under-explored, historic and emerging mining districts in British Columbia and Yukon. The Company acquires and develops conceptual, early and mid-stage exploration opportunities and advances them towards resource development. BCGold has generated 27 early to mid-stage gold and copper-gold properties in British Columbia and Yukon.

BCGold's primary gold asset is the 100% owned, historic high-grade gold Engineer Mine property, where the Company has defined a compelling gold concentrate production opportunity through continued exploration, bulk sampling and on-site milling.

The Company has recently consolidated its land position at Engineer Mine, acquiring key claims believed to partially overlay the source area for the Engineer Mine gold mineralizing system. The Company's strategy at Engineer Mine is to focus exploration on an economic shear-hosted gold deposit and to continue efforts to secure a qualified partner to finance the gold concentrate production opportunity.

Contact:

Brian P. Fowler

Tel: 604-697-2401

Email: bcgir@bcgoldcorp.com

Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, but are not limited to, statements with respect to contemplated financings, use of proceeds of financings, reorganizations and exploration, development and production activities.

These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.

Such factors include, among others, the timing and completion of contemplated financings, the actual use of proceeds, receipt of regulatory approvals, the completion of reorganizations and the timing and success of future exploration, development and production activities.

In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that: (1) the proposed exploration and development of its mineral projects will proceed as planned; (2) market fundamentals will result in sustained metals and minerals prices and (3) any additional financing needed will be available on reasonable terms.

The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: ENP Newswire


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters