BCGOLD CORP. INCREASES FINANCING TO $540,000 AND ANNOUNCES CLOSING OF FIRST TRANCHE PRIVATE PLACEMENT
Vancouver, British Columbia, December 31, 2012 (TSX-V: BCG) – BCGold Corp. (or the “Company”) is pleased to announce that due to a strong response from investors, the Company has increased its non-brokered private placement financing to $540,000 from the initially targeted $350,000 as set out in its news release dated December 5, 2012. The amended financing will be completed through the issuance of up to 7,200,000 million units at a price of $0.075 per unit. Each unit consists of one common share and one share purchase warrant, each warrant entitling the holder to purchase one additional common share at a price of $0.10 within two years of the date of closing. Finder’s fees payable in cash and/or securities will be paid in conjunction with this placement in accordance with the policies of the TSX Venture Exchange (the “TSXV”). This financing is subject to TSXV approval.
The Company is also pleased to announce that it has closed the first tranche of this private placement previously announced on December 5, 2012. The Company has raised $440,267 through the issuance of 4,570,234 units at a price of $0.075 per unit. Each unit consists of one common share and one share purchase warrant. Each warrant entitles the holder thereof to acquire one common share at a price of $0.10 for a period of two years expiring December 28, 2014. Two BCGold Corp. insiders subscribed for a total of 1,026,234 units in this tranche.
The Company paid finder’s fees of $16,780 and issued 176,400 finder warrants exercisable at a price of $0.10 for a period of two years expiring December 28, 2014 and 47,320 finder compensation options.
Each compensation option is comprised of one common share and one share purchase warrant, with each warrant entitling the finder to acquire a warrant share exercisable at a price of $0.10 expiring December 28, 2014. All securities are subject to a four month hold period expiring April 29, 2013.
Proceeds from this financing will be used for in-house scoping studies, continued metallurgical studies, and for general working capital purposes. The Company will also continue attempts to source up to $5 million in capital for continued development, bulk-sampling and on-site milling of high-grade gold material at the Company’s 100% owned Engineer Mine Property, either by way of a convertible debenture, forward gold sale, or royalty agreement.
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