COSIGO COMPLETES NON-BROKERED PRIVATE PLACEMENT
27 Abril 2011 - 10:00AM
PR Newswire (Canada)
VANCOUVER, April 27 /CNW/ -- NOT FOR DISTRIBUTION
TO UNITED STATES NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE
UNITED STATES CSG: TSX-V 11-02 VANCOUVER, April 27 /CNW/ -
Cosigo Resources Ltd. (formerly Horseshoe Gold Mining Inc.)
("Cosigo" or the "Company") (TSX-V: CSG) announced today that it
has completed its previously announced non-brokered private
placement of units (the "Private Placement"). At the closing,
Cosigo issued 7,078,606 units (the "Units") at a price of $0.50 per
Unit for gross proceeds of $3,539,303. Each Unit consists of one
common share and one common share purchase warrant (a "Warrant"),
with each Warrant entitling the holder to acquire, for a period of
three years, one additional common share of the Company at a price
of $1.00 during the first year following April 26, 2011 (the
"Closing Date"), $1.25 during the second year following the Closing
Date and $1.50 during the third year following the Closing Date,
subject to certain terms and conditions. If on any 30 consecutive
trading days the closing price of the Company's common shares (or
the closing bid, if no sales were reported on a trading day) as
quoted on the TSX Venture Exchange (or such other stock exchange,
quotation system or market on which such shares are then listed) is
greater than $1.25 during the first year of the warrant term, is
greater than $1.50 during the second year of the warrant or is
greater than $1.75 during the third year of the Warrant, then the
Company may accelerate the expiry date of the Warrants to the 30th
day after the date on which the Company gives notice to the
subscriber in accordance with the Warrant of such
acceleration. Any Warrants not exercised on or before such
30th business day will expire and will no longer be exercisable to
acquire shares. On completion of the Private Placement, the Company
has 70,253,084 common shares outstanding, an additional 25,147,706
common shares reserved for issuance pursuant to outstanding
warrants and an additional 2,533,333 common shares reserved for
issuance pursuant to outstanding options. Finder's fees in the
aggregate amount of $112,130 in cash were paid to finders in
respect of certain subscriptions under the Private Placement. All
securities issued or issuable under the Private Placement are
subject to a hold period and may not be traded until August 27,
2011 except as permitted by Canadian securities legislation and the
Exchange. The Company intends to use the proceeds from the Private
Placement primarily for exploration and development of the
Company's 100%-owned Machado Property, located in the Taraira Gold
Belt in southeastern Colombia. A NI 43-101 technical report for the
Machado Property is available on SEDAR. About Cosigo Resources:
Cosigo Resources Ltd. (TSX-V: CSG) is a Vancouver-based company
exploring for economic gold deposits in Colombia and Brazil. Cosigo
has assembled a strong team, well experienced in South America and
in the exploration and mining-finance industries. The Company's
flagship project is its 100-% owned Machado Project in the Taraira
Gold Belt of southeastern Colombia. Cosigo's ongoing work on the
9,973 hectare Machado Project is the first modern exploration
program in an area known to have hosted more than 100 historic gold
mining operations. Cautionary Notice: This release may contain
forward-looking statements regarding the Company's business or
financial condition, including the proposed completion of
financings, use of proceeds and exploration programs. Actual
results could differ materially from those described in this news
release as a result of factors, including, but not limited to the
following: the timing and completion of financings, the actual use
of proceeds, the timing, results and success of exploration and
development programs, financial arrangements, the ability to obtain
additional financing, developments in global resource markets,
political developments, the timing of regulatory and environmental
approvals and other factors. The Company cautions that these
and similar statements involve risk and uncertainties, which could
cause actual results to differ materially from those in the forward
looking statement. Forward-looking statements are made in the
context of information available as of the date stated. The
Company undertakes no obligations to update or revise such
statements to reflect new circumstances or unanticipated events as
they occur, unless required by applicable law. On behalf of the
Board of Directors Cosigo Resources Ltd. /s/"Dennis Milburn"
President & CEO Neither the 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 of this release To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/April2011/27/c7117.html
p align="center" uCosigo Resources Ltd./ubr/ Dennis Milburn,
President & CEObr/ Tel: 877-866-8688 (North America)br/
1-604-515-5970 (International)br/ a
href="http://www.cosigo.com"www.cosigo.com/a /p
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