Business
Vencan Gold Corporation announces closing of $675,000 non-brokered private placement financing with the MineralFields Group & other investors
TORONTO, Aug. 25 /CNW/ - VenCan Gold Corporation (TSX-V: VCG) ("Vencan") announces the closing of...
About this update from Rpx Gold Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, Aug. 25 /CNW/ - VenCan Gold Corporation (TSX-V: VCG) ("Vencan")\nannounces the closing of a non-brokered financing of 13,500,000 flow through\nunits ("FT Units") at $0.05 per unit for gross proceeds of $675,000. Each FT\nUnit consisted of one common share of VenCan issued as a "flow-through share"\nand one-half of one non-flow-through common share purchase warrant. Each\ncommon share purchase warrant entitles the holder thereof to purchase one\ncommon share of the capital stock of VenCan that is not a "flow-through share"\nat an exercise price of $0.12 per common share for a period of eighteen months\nafter closing. In conjunction with the financing, finders received fees of\n$16,250 and broker options to acquire 457,100 Units exercisable at $0.05 per\nUnit for a period of eighteen months after closing.\n\n\nMineralFields Group subscribed 6,530,000 flow through units and Stone\nAsset Management subscribed for 5,000,000 FT Units. The balance of 1,970,000\nFT Units were acquired by insiders.\n\n\nAll securities issued under the private placement are subject to a hold\nperiod of four months plus a day from closing.\n\n\nProceeds of the financing will be used for exploration, property\nacquisition and general working capital.\n\n\n"We are very pleased to be entering into this relationship with\nMineralFields Group", said Kirk McKinnon, President and CEO of VenCan. "This\nis an important milestone in the growth of VenCan and we look forward to\nworking with MineralFields Group as we develop our holdings in the Atikokan\nand Timmins regions."\n\n\nVenCan Gold Corporation's current exploration focus is Ontario where it\nhas three properties - Abitibi West, Moffatt and Mt. Logano. VenCan Gold\nmaintains its website http://www.vencan.com with corporate information,\nreports and images of its exploration projects.\n\n\nAbout MineralFields, Pathway and First Canadian Securities (R)\n\n\nMineralFields Group (a division of Pathway Asset Management) is a\nToronto-based mining fund with significant assets under administration that\noffers its tax-advantaged super flow-through limited partnerships to investors\nthroughout Canada during most of the calendar year, as well as hard-dollar\nresource limited partnerships to investors throughout the world. Pathway Asset\nMana...