TSX-V: MED
VANCOUVER,
Feb. 8, 2013 /PRNewswire/ - Medgold
Resources Corp. (TSX-V: MED), the European focused gold exploration
company, is pleased to announce that it has arranged, subject to
Exchange approval, a $975,000
non-brokered private placement financing of debentures which are
convertible into 6,500,000 common shares of the Company at the rate
of $0.15 per share. The
debentures will bear interest at the rate of 8% per annum and are
convertible into shares for a period of up to two years from
closing of the financing.
The debenture holders will also receive warrants
entitling them to purchase up to 6,500,000 additional common shares
at $0.15 per share, exercisable for
one year from the date of issuance of the debentures.
The proceeds of the financing will be used for
exploration of the Company's projects in Europe and for general working capital
purposes.
About Medgold
Medgold is aiming to become the leading
Mediterranean-focused gold exploration and project development
company, with an extensive pipeline of projects across Portugal, Italy and Spain, targeting economically stressed, but
politically stable European countries that are seeking foreign
investment to invigorate the mining sector.
Additional information on Medgold can be
found on the Company's website at www.medgoldresources.com and by
reviewing the Company's page on SEDAR at www.sedar.com.
ON BEHALF OF THE BOARD
"Dan James"
Dan James, President
Neither the TSX Venture Exchange nor the
Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy
or accuracy of this release.
Forward-looking statement
This press release may contain
forward-looking statements including, but not limited to, comments
regarding the timing and content of upcoming work programs,
geological interpretations, receipt of property titles, potential
mineral recovery processes, and other related matters.
Forward-looking statements address future events and conditions and
therefore involve inherent risks and uncertainties. Medgold
Resources' projects in Europe are
at an early stage and all estimates and projections are based on
limited, and possibly incomplete, data. More work is required
before the mineralization and the projects' economic aspects can be
confidently modelled. Actual results may differ materially from
those currently anticipated in this presentation. No representation
or prediction is intended as to the results of future work, nor can
there be any promise that the estimates and projections herein will
be sustained in future work or that the project will otherwise
prove to be economic.
SOURCE Medgold Resources Corp.
