Business
Upper Canada Gold Corporation announces private placement and appointment of Patrick Cronin to board of directors
TORONTO, Dec. 30, 2011 /CNW/ - Upper Canada Gold Corporation ("Upper Canada" or the "Compan...
About this update from Canadian Goldfields Discovery Corp
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Dec. 30, 2011 /CNW/ - Upper Canada Gold Corporation (\"Upper\n Canada\" or the \"Company\") (TSXV: UCC) is pleased to announce that it\n has closed the non-brokered private placement first announced on\n December 12, 2011 pursuant to which it issued 12,000,000 units\n (\"Units\") at a price of $0.05 per unit for gross proceeds of $600,000\n (the \"Offering\").  Each Unit comprises one common share and one common\n share purchase warrant (\"Warrant\").  Each Warrant entitles the holder\n to acquire a further common share of the Company at a price of $0.10\n until December 30, 2016. The Company intends to use the net proceeds of\n the Offering to perform a baseline study, a scoping study and an\n environmental assessment to advance the development of the Company's\n Dingman Project and for other corporate purposes.\n\n\nInsiders of Upper Canada subscribed for 6,800,000 Units of the private\n placement. Following the completion of the Offering, the Company now\n has 47,940,911 common shares outstanding. In addition to the applicable\n statutory four month hold period, all common shares comprising the\n Units are subject to a contractual hold period that will expire on\n December 29, 2013. All Warrants and common shares issuable upon\n exercise of the Warrants shall be subject to a statutory four month\n hold period which shall expire on May 1, 2012.\n\n\nUpper Canada is also pleased to announce that immediately following the\n completion of the Offering, the board of directors appointed Patrick\n Cronin as a director of the Company to fill the vacancy created by the\n resignation of Dan Clark earlier this year. Mr. Cronin has worked in\n the life insurance investment industry and financial services industry\n since 1994. He also has managerial experience with a real estate\n holding and management firm.\n\n\nCAUTION REGARDING FORWARD-LOOKING INFORMATION\n\n\nThis news release of Upper Canada contains statements that constitute\n \"forward-looking statements\". Such forward-looking statements involve\n known and unknown risks, uncertainties and other factors that may cause\n Upper Canada's actual results, performance or achievements, or\n developments in the industry to differ materially from the anticipated\n results, performance or achievements expressed or implied by such\n forwa...