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BCGold Corp. Closes First Tranche of Private Placement
Date : 08/31/2011 @ 8:45AM
Source : MarketWire Canada
Stock : BCGold Corp. (BCG)
Quote : 0.12 0.0 (0.00%) @ 8:41AM
BCGold Corp. Closes First Tranche of Private Placement
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BCGold Corp. (TSX VENTURE:BCG)(PINK SHEETS:BCGOF) (the "Company") is pleased to
announce that it has closed the first tranche of its private placement
previously announced on July 11, 2011. The Company has raised $1,472,440 through
the issuance of 2,660,000 of non-flow through units (the "NFT Units") at a price
of $0.10 per NFT Unit and 10,053,663 flow through units (the "FT Units") at a
price of $0.12 per FT Unit.
Each NFT Unit will consist of one common share and one-half of one common share
purchase warrant. Each whole such warrant will entitle the holder to purchase
one additional non-flow-through common share at a price of $0.20 per share for
one year expiring August 31, 2012. Each FT Unit will consist of one flow-through
or one BC super flow-through common share and one-half of one common share
purchase warrant. Each whole such warrant will entitle the holder to purchase
one additional non-flow-through common share at a price of $0.30 per share for
one year expiring August 31, 2012.
This offering was subscribed to by MineralFields Group and a number of private
investors, including two insiders of the Company. Finder's fees were paid on
this portion of the financing in the amount of $45,390 as cash commissions,
333,333 brokers options (the "Brokers Options") and 24,000 broker's warrants
(the "Finder B Warrants"). Each Broker Option entitles the holder to purchase at
a price of $0.12 for a one year period expiring August 31, 2012 one unit
comprised of one common share and one-half of one share purchase warrant
exercisable at a price of $0.30 for a one year period expiring August 31, 2012.
12,000 of the Finder B Warrants will entitle the holder to purchase one common
share at a price of $0.20 and 12,000 of the Finder B Warrants will entitle the
holder to purchase one common share at a price of $0.30, all exercisable for a
period of one year expiring August 31, 2012.
All securities issued pursuant to the private placement are subject to a four
month hold period expiring January 1, 2012.
The Company intends to use the proceeds of the private placement for bulk
sampling, test mining and on-site milling, drilling and other exploration work
on the Engineer Mine Property in British Columbia, generative copper-gold
exploration in British Columbia and Yukon, and for general working capital
purposes.
A HUNDRED YEARS FROM NOW IT WILL NOT MATTER WHAT MY BANK ACCOUNT WAS, THE SORT OF HOUSE I LIVED IN, OR THE KIND OF CAR I DROVE...BUT THE WORLD MAY BE DIFFERENT BECAUSE I WAS IMPORTANT IN THE LIFE OF A CHILD.
