Euro Sun Mining Inc (CPNFF)

[KevinFx]

CARPATHIAN GOLD INC. ANNOUNCES CLOSING OF C$7,186,988 BOUGHT DEAL PRIVATE PLACEMENT FINANCING

(Toronto, Ontario – December 3, 2009) Carpathian Gold Inc. (CPN-TSX) (“Carpathian” or the “Company”) announced today the closing of its previously announced bought deal private placement of units (the “Units”) at an issue price of C$0.33 per Unit. Including the Units issued on the exercise of the Underwriters’ option, Carpathian issued 21,778,752 Units for aggregate gross proceeds of C$7,186,988. Each Unit is comprised of one common share and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to subscribe for one additional common share of the Company at an exercise price of C$0.45 at any time prior to December 3rd, 2011.

The underwriting syndicate was led by Canaccord Financial Ltd. and included Paradigm Capital Inc. and Blackmont Capital Inc. The offering is subject to final acceptance by the Toronto Stock Exchange.