Arcus Closes $1 Millon Private Placement
August 05 2010 - 2:05PM
Marketwired
Arcus Development Group Inc. ("Arcus") (TSX VENTURE: ADG) announces
that it has completed the $1 million non-brokered private placement
announced on July 19, 2010. The financing consisted of 3,750,000
flow-through shares and 1,250,000 non-flow-through units. Each unit
was comprised of one common share and one-half of a share purchase
warrant. Each whole warrant will entitle the holder to purchase one
Arcus share at a price of $0.35 any time prior to February 5, 2012.
The flow-through shares and the non-flow-through units were each
sold at a price of $0.20.
In connection with the private placement, Arcus has paid cash
finder's fees of $60,000 and issued 400,000 finder's warrants to
arm's length finders. Each non-transferable finder's warrant may be
exercised at a price of $0.35 at any time prior to February 5, 2012
and entitles the holder to acquire one Arcus share. All securities
issued as part of the private placement are subject to a hold
period and may not be resold until December 6, 2010.
The flow-through proceeds from this financing will be used to
fund ongoing work programs at the Dawson Gold project, located in
the White Gold area of the Yukon Territory. The non-flow-through
portion of the private placement will be used as general working
capital.
"Assay results from the trenching programs already completed on
the Green Gulch and the Touleary properties are expected within the
next 10 days," reported Ian Talbot, the Arcus President. "The crew
and equipment has been mobilized to the Dan Man property and that
trenching program should begin this week."
On behalf of Arcus Development Group Inc.
Ian J. Talbot, President & CEO
CAUTIONARY NOTE: This news release includes certain
"forward-looking statements". Other than statements of historical
fact, all statements included in this release, including, without
limitation, statements regarding future plans and objectives of
Arcus Development Group Inc., are forward-looking statements that
involve various risks and uncertainties. There can be no assurance
that such statements will prove to be accurate, and actual results
and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from the Arcus Development Group Inc.'s
expectations are the risks detailed herein and from time to time in
the filings made by Arcus Development Group Inc. with securities
regulators. Those filings can be found on the Internet at
http://www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Arcus Development Group Inc. Grant Longhurst Corporate
Communications (604) 506-2445 grant@arcusdevelopmentgroup.com Arcus
Development Group Inc. Ian J. Talbot President & CEO (604)
687-2522 (604) 688-2578 (FAX) ian@arcusdevelopmentgroup.com
www.arcusdevelopmentgroup.com
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