MGold Completes Private Placement Offeringadmin
MGold Resources Inc. is pleased to announce the completion of a non-brokered private placement previously announced of 4,500,909 units (the “Units”) at a purchase price of $0.11 per Unit for total gross proceeds of $495,100 (the “Offering”).
Each Unit consists of one (1) common share and one (1) common share purchase warrant (the “Warrants”). Each Warrant entitles its holder thereof to purchase one additional common share in the capital of MGold for a period expiring on December 21, 2012, at an exercise price of $0.17 per common share.
All securities issued in the course of the Offering will be subject to a four month and one day hold period. Two directors and officers of MGold have participated in the Offering, subscribing for a total of 410,000 Units.
Net proceeds of the Units will be used for general working capital purposes.
MGold is engaged in mineral exploration for precious and base metals. The Company holds the Burchell Lake property in the Shebandowan area of Northwestern Ontario.