Vangold Announces $6 Million Financing
17 Fevereiro 2010 - 12:15PM
Marketwired
Vangold Resources Ltd. ("Vangold" or the "Company") (TSX VENTURE:
VAN) is pleased to announce a non-brokered private placement of up
to 17,142,857 units at a price of $0.35 per unit for aggregate
gross proceeds of up to $6,000,000.
Each unit will consist of one common share and one-half of a
non-transferable warrant, with a whole warrant entitling the holder
to purchase one common share at a price of $0.50 for a period of 18
months following the closing date. The warrants will be subject to
accelerated expiry if, at any time after four months and a day
after closing, Vangold's common shares close at or above $0.70 for
10 consecutive trading days on the TSX Venture Exchange (the
"Exchange").
The securities issued pursuant to the private placement will be
subject to a four month hold period from the closing date. The
Company may pay finder's fees in connection with the private
placement, subject to compliance with the policies of the Exchange.
Completion of the private placement and the payment of any finder's
fees remain subject to the receipt of all necessary regulatory
approvals, including the approval of the Exchange.
The proceeds of the private placement will be used for the
continued exploration and development of the Company's Papua New
Guinea gold projects, primarily Mt Penck, and for general working
capital purposes. Mt Penck is Vangold's flagship gold property in
Papua New Guinea ("PNG"). PNG is part of the Pacific Rim of Fire
and is host to some of the world's largest copper and gold
deposits, including Ok Tedi, Frieda River, Porgera and Lihir. The
Mt Penck property (102.6 square kilometers) is a volcano-hosted
high-sulfidation epithermal gold system. Five prospects have been
identified to date and cover an area 1km by 1.1km. Gold
mineralization occurs from surface to depths of 130m. 2009 drill
program returned encouraging results, including 0m to 69.5m at 1.82
g/t gold, 0m to 133m at 1.83 g/t gold and 16m at 3.72 g/t gold.
All technical information in this news release has been reviewed
and approved by Danae A. Voormeij, M.Sc., P.Geo., VP Exploration
for Vangold and a Qualified Person as defined by National
Instrument 43-101.
On Behalf of the Board of VANGOLD RESOURCES LTD.
Dal Brynelsen, President and CEO
Disclaimer for Forward-Looking Information
Information in this news release respecting the transaction with
NGG constitutes forward-looking information. Statements containing
forward-looking information express, as at the date of this news
release, the Company's plans, estimates, forecasts, projections,
expectations, or beliefs as to future events or results and are
believed to be reasonable based on information currently available
to the Company.
Forward-looking statements and information are based on
assumptions that financing and personnel will be available when
required and on reasonable terms, and all necessary regulatory
approvals and shareholder approval will be obtained, none of which
are assured and are subject to a number of other risks and
uncertainties.
There can be no assurance that forward-looking statements will
prove to be accurate. Actual results and future events could differ
materially from those anticipated in such statements. Readers
should not place undue reliance on forward-looking information.
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.
Contacts: Vangold Resources Ltd. Dal Brynelsen 604-684-1974
604-685-5970 (FAX) brynelsen@vangold.ca www.vangold.ca
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