Crown Gold Completes $120,000 Non-Brokered Private Placement

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[{"type":"text","content":"\nCrown Gold Completes $120,000 Non-Brokered Private PlacementToronto, Ontario--(Newsfile Corp. - November 18, 2013) - Crown Gold Corporation (TSX Venture: CWM) (\"Crown\" or the \"Company\") announces the completion of a previously announced non-brokered private placement (the \"Offering\") for aggregate gross proceeds of up to $120,000 comprised of 125 convertible debentures in denominations of $1,000 or multiples thereof (the \"Debenture\"). The Debentures will mature in 3 years from the date of closing of the Offering (the \"Maturity Date\") and will bear interest at a rate of 20% per annum payable annually (or on conversion) in cash or common shares at the sole option of the Company. Each Debenture was priced at a 4% discount, namely at $960 per $1,000 of the principal amount thereof. Each $1,000 of the principal amount of the Debentures will be convertible at the option of the holder at any time into 20,000 units at a price of $0.05 per unit in the 1st year (each such unit being comprised of one common share and one warrant) and at a price of $0.10 per unit for the remaining 2 years. Each whole warrant will entitle the holder to purchase one common share for $0.05 at any time within 3 years after closing of the Offering subject to an acceleration clause entitling the Company to accelerate the Maturity Date (i) on 30 days notice if the average closing price of the common shares on the TSX Venture Exchange is greater than $0.10 per share over a period of 20 consecutive business days (following the expiry of the 4-month \"hold period\") or (ii) to the completion date of any take-over bid, amalgamation or plan of arrangement or other form of merger, in either case after the Company gives notice by issuing a press release and depositing a notice in the mail to each warrant holder. Interest will be payable in common shares at the greater of $0.05 per share or the market price at the applicable time. All securities issued pursuant to this Offering will be subject to a four (4) month hold period. Insiders of the Company acquired a total of 81 Debentures in the private placement on the same basis as other participants. The Company is relying on the exemptions from the formal valuation and minority approval requirements under MI 61-101 pursuant to which a formal valuation and minority approval are not required. The Company is exempt...

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