TORONTO, ONTARIO--(Marketwired - Sept. 5, 2013) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Further to its news release dated August 29, 2013, Carpathian Gold Inc. (TSX:CPN) (the "Corporation" or "Carpathian") is pleased to announce the closing of the second tranche of its previously announced bought deal private placement of common shares at a price of $0.14 per share. Cormark Securities Inc. and Macquarie Capital Markets Canada Ltd. acted as underwriters. Today, the Corporation issued a total of 80,878,571 common shares for gross proceeds of approximately $11,323,000. In total, the Corporation issued an aggregate of 138,750,000 common shares under both tranches of the private placement for aggregate gross proceeds of $19,425,000. The private placement is subject to final acceptance by the Toronto Stock Exchange.
The net proceeds of the private placement will be used by the Corporation for working capital purposes in Brazil.
These securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Carpathian is an exploration and development company whose primary business interest is developing near-term gold production on its 100% owned Riacho dos Machados ("RDM") Gold Project in Brazil, which is currently focused on construction, along with progressing its exploration and development plans on its 100% owned Rovina Valley Au-Cu Project ("RVP") located in Romania.
On a company wide basis, Carpathian currently hosts NI 43-101 proven plus probable reserves of 830,200 ounces of gold (proven reserves of 2,300 Kt at 1.30 g/t Au and probable reserves of 18,500 Kt at 1.23 g/t Au) and NI 43-101 mineral resources (inclusive of reserves) of approximately 8.1 million ounces of gold in the measured plus indicated categories (RVP: 405.9 million tonnes at 0.55 g/t Au for 7.19 million ounces, RDM: 19.36 million tonnes at 1.50 g/t Au for 0.936 million ounces) and approximately 0.9 million ounces of gold in the inferred category (RVP: 26.8 million tonnes at 0.38 g/t Au for 0.33 million ounces, RDM; 9.447 million tonnes at 1.93 g/t Au for 0.587 million ounces), as well as 1.4 billion pounds of copper in the measured plus indicated category (RVP: 405.9 million tonnes at 0.16% Cu) and 97.0 million pounds of copper in the inferred category (RVP: 26.8 million tonnes at 0.16% Cu) (see press releases dated July 17, 2012 and April 6, 2011 for further details on resources and reserves).
The RDM Gold Project is targeted to produce in the order of +/-100,000 ounces of gold per annum with an anticipated goal for the commencement of production in the second half of 2013. The Rovina Valley Project will enhance Carpathian's growth profile as a mid-tier gold producer.
Mr. Dino Titaro is the qualified person (as defined in National Instrument 43-101) and is responsible for preparing the technical information contained in this news release.
Spread the love. Be the first to like this post!
MRES: Institute of Biomedical Research unveils artificial intelligence (AI) powered initiatives within its CBD product range, psilocybin research, and cardiometabolic health solutions • MRES • Jun 7, 2023 10:06 AM
The Supply Crisis for Rare Earth Elements Intensifies • LICY • Jun 7, 2023 9:57 AM
ILUS has Been Invited for an Interview on the Floor of the NYSE • ILUS • Jun 7, 2023 7:19 AM
PSYC's Psychedelic Spotlight Continues Ascent as a Top-Ranking Multimedia Platform for the Psychedelics Sector • PSYC • Jun 6, 2023 8:30 AM
HealthLynked Unveils Major App Update, Enhancing Personalized Healthcare Experience • HLYK • Jun 6, 2023 8:00 AM
Swifty Global Announces Acquisition of Business-to-Business Contracts and Technology from GLNetworks Ltd in Five Countries • DRCR • Jun 5, 2023 10:14 AM