SnipGold Increases and Closes Private Placement
January 03 2014 - 8:00AM
Marketwired
SnipGold Increases and Closes Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 3, 2014) -
SnipGold Corp. (TSX-VENTURE:SGG) ("SnipGold" or the "Company")
reports that the $300,000 non-brokered private placement announced
December 20, 2013, was oversubscribed and has been increased to
$350,000. The private placement has closed, subject to TSX Venture
Exchange ("TSX-V") final approval. Insider participation in the
placement was just over 35% of the proceeds.
Units
The Company has issued 4,375,000 units at a price of $0.08 per
unit. Each unit consists of one common share and one
non-transferable warrant of the Company. Each warrant will entitle
the holder to purchase one common share of the Company at $0.08 per
share for a period of 24 months after the closing of the private
placement. All shares issued have a hold period which will expire 4
months from date of issue.
Fees and Proceeds
In accordance with TSX Venture Exchange regulations and
approval, the Company may pay up to 7% cash finders' fees in
connection with the private placement. Funds from this financing
will be used to advance earn-in discussions, to continue
compilation and interpretive work and for general corporate
purposes.
Mr. Zbeetnoff reports, "Although 2013 was a difficult year for
junior mineral exploration companies, with SnipGold being no
exception, I am pleased that we successfully entered into an Option
Agreement with Colorado Resources before year end. This Agreement
allows for Colorado to deploy meaningful exploration efforts on the
southeastern portion of our Iskut Property, while the remaining 75%
of the Property can be advanced by either SnipGold or other earn-in
partners. Our exploration team looks forward to the opportunities
as well as the challenges ahead in 2014."
About SnipGold
SnipGold Corp. is a Canadian junior exploration company focused
on the exploration and expansion of gold resources in northwest
British Columbia. SnipGold's board and management have significant
experience in discovery, exploration and development of gold
projects.
On Behalf of the Board of Directors SnipGold Corp.
John Zbeetnoff, Chief Executive Officer
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.
SnipGold Corp.John ZbeetnoffChief Executive
Officer604-681-3989604-681-3557info@snipgoldcorp.comwww.snipgoldcorp.com
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