Duncastle Announces Oversubscribed Private Placements
March 22 2010 - 2:07PM
Marketwired
Duncastle Gold Corp. (TSX VENTURE: DUN)(FRANKFURT: 5D3) reported
today that its previously announced non-brokered private placements
(NR-02-10) are oversubscribed.
The company now plans to issue up to 7,110,900 units at a price
of C$0.06 per unit to raise $426,654. Each unit will consist of one
common share and one-half share purchase warrant, with each whole
warrant exercisable to purchase one additional common share at an
exercise price of C$0.10 per share for a period of one year.
The company also plans to issue up to 4,625,000 flow-through
shares at a price of C$0.08 per share for gross proceeds of
$370,000. A first tranche of 250,000 flow-through shares for
proceeds of $20,000 has closed and the second tranche is expected
to close shortly. All securities issued pursuant to the first
tranche of the flow-through private placement, including common
shares and finder's warrants issued as finder's fees, carry a
legend restricting trading of the securities until July 20,
2010.
Finder's fees may be payable on both private placements. The
private placements and finder's fees are subject to regulatory
approval. Proceeds from the private placements will fund
exploration, including an airborne geophysical survey and field
work on the company's exploration projects in British Columbia, and
for working capital.
About Duncastle Gold Corp.
Duncastle Gold Corp. is a Vancouver based gold exploration
company with mineral claims covering or surrounding past producers
in two historic BC districts. In Southeast BC Duncastle is
targeting high-grade gold-silver-lead-zinc veins at the former
Yankee-Dundee mine, 50km from the smelter at Trail BC. In Northwest
BC the company's holdings cover a 10 km long magnetic anomaly,
previous workings, and high-grade veins at its Porphyry Creek
project. Now covering more than 150 sq km, Duncastle has assembled
contiguous claim blocks in each of these two productive regions for
gold exploration.
As part of the Manex Resource Group, Duncastle benefits from
shared expertise in corporate finance, public company
administration, investor relations, and technical and geological
services provided for six public companies. Since its formation in
1997, the companies within the Manex Group have raised over C$250
million in exploration financing.
On behalf of the Board of Directors,
Victor J E Jones, President, Director, Duncastle Gold Corp.
Neither 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: Duncastle Gold Corp. Jeff Stuart 1.888.456.1112 or
604.641.2771 jstuart@mnxltd.com Duncastle Gold Corp. Liana
Shahinian 1.888.456.1112 or 604.641.2771
www.duncastlegoldcorp.com
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