VenCan Gold Corporation Announces Closing of $1,680,000 Private Placement Financing With the MineralFields Group & Other Investo
21 Janvier 2008 - 2:00PM
Marketwired
TORONTO, ONTARIO ("Vencan") announces the closing of a brokered
and non-brokered financing of $1,375,000 and $305,000 respectively
through the sale of 16,800,000 flow through units ("FT Unit") at
$0.10 per unit for gross proceeds of $1,680,000. Each FT Unit
consisted of one common share of VenCan issued as a "flow-through
share" and one-half of one non-flow-through common share purchase
warrant. Each common share purchase warrant entitles the holder
thereof to purchase one common share of the capital stock of VenCan
that is not a "flow-through share" at an exercise price of $0.13
per common share for a period of eighteen months after closing. In
conjunction with the financing, finders received fees of $91,250
and broker options to acquire 962,500 Units exercisable at $0.10
per Unit for a period of eighteen months after closing.
Mineral Fields Group subscribed 10,000,000 flow through units
and insiders of the Company subscribed for 2,750,000 flow through
units respectively.
All securities issued under the private placement are subject to
a hold period of four months plus a day from closing.
The proceeds from the private placement will be used by VenCan
for exploration work on the Atikokan property.
"We are very pleased to be entering into this relationship with
MineralFields Group," said Kirk McKinnon, President and CEO of
VenCan. "This is an important milestone in the growth of VenCan and
we look forward to working with MineralFields Group as we develop
our holdings in the Atikokan region."
Following the issuance of the common shares pursuant to the
private placement, 85,388,641 common shares are issued and
outstanding and with 108,729,141 common shares on a fully diluted
basis.
About MineralFields, Pathway and First Canadian Securities�
MineralFields Group (a division of Pathway Asset Management) is
a Toronto-based mining fund with significant assets under
administration that offers its tax-advantaged super flow-through
limited partnerships to investors throughout Canada during most of
the calendar year, as well as hard-dollar resource limited
partnerships to investors throughout the world. Pathway Asset
Management also specializes in the manufacturing and distribution
of structured products and mutual funds. Information about
MineralFields Group is available at www.mineralfields.com. First
Canadian Securities�, a division of Limited Market Dealer Inc., is
active in leading resource financings (both flow-through and hard
dollar PIPE financings) on competitive, effective and
service-friendly terms, with investors both within, and outside of
MineralFields Group.
WARNING: The statements made in this news release may contain
forward-looking statements that may involve a number of risks and
uncertainties. Actual events or results could differ materially
from expectations and projections set out herein.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this news release.
Contacts: VenCan Gold Corporation Brent Nykoliation Director of
Business Development (416) 364-7024 VenCan Gold Corporation J.A.
Kirk McKinnon President & Chief Executive Officer (416)
364-7024 VenCan Gold Corporation Richard Schler Vice-President
& Chief Financial Officer (416) 364-7024 (416) 364-2753 (FAX)
Email: Vencan@Vencan.com Website: www.Vencan.com
Vencan Gold (Tier2) (TSXV:VCG)
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