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Canada Gold Announces $2.25 Million Private Placement & Revises Terms for Tanzanian Projects
(via Thenewswire.ca) Vancouver, British Columbia, Canada - April 25, 2012 - Canada Gold Cor...
About this update from South Star Battery Metals Corp
[{"type":"text","content":"\nCanada Gold Announces $2.25 Million Private Placement & Revises Terms for Tanzanian Projects\n\n(via Thenewswire.ca)\n\n \nVancouver, British Columbia, Canada - April 25, 2012 - Canada Gold\nCorporation (TSX-V: CI, Frankfurt: T9NB, OTC-BB: CNGZF) (\"Canada\nGold\" or the \"Company\") has arranged a non-brokered\nprivate placement (the \"Private Placement\") of up to 15\nmillion units (the \"Units\") at a price of $0.15 per Unit,\nfor gross proceeds of up to $2,250,000. Each Unit consisting of one\nshare and one-half non-transferable share purchase warrant (the\n\"Warrants\"); each full Warrant entitling the holder to\npurchase one additional common share of the Company at a price of\n$0.25 for a period of 24 months from the date of closing.\n\n\n \nThe Private Placement will be subject to regulatory and TSX Venture\nExchange approval. Finder's fees may be payable on this transaction. \nProceeds from the Private Placement will be used to complete the\nacquisitions of Projects #1, #2 and #3 in Tanzania; to initiate and\nexecute exploration programs; to investigate and conduct due diligence\non other possible acquisitions; and for general working capital.\n\n\n \nCanada Gold also reports the downward revised terms of the\nacquisitions in Tanzania for Projects #1, #2 and #3, collectively\nreferred to as the \"Tanzanian Projects\". The aggregate\nconsideration has been revised downwards for each Tanzanian project as\noutlined below, and there are no work commitments on any of the\nTanzanian Projects:\n\n\n \nSindeni Project #1, Tanzania\n\n\n \n\n --------------------------------------------------------\n |Payment Date |Cash (US) | |Shares |\n | | | |  |\n |------------------------------------------------------|\n |On TSX filing  (paid)          |$   50,000| |- |\n |------------------------------------------------------|\n |On TSX-V final approval | 75,000 | |375,000 |\n |------------------------------------------------------|\n |On the 12th month anniversary | 100,000 | |375,000 |\n |------------------------------------------------------|\n |On the 24th month anniversary | 100,000 | |500,000 |\n |------------------------------------------------------|\n |On the 36th month anniversary | 100,000 | |500,000 |\n |-----------------------------...