Uragold Closes Non-Brokered Private Placement
November 30 2011 - 11:35AM
Marketwired
Uragold Bay Resources Inc. (TSX VENTURE:UBR), is pleased to
announce that it has closed a non-brokered private placement for a
total placement of $ 250,000. This will result in a total sale of
5000 units ('Unit'), at a subscription price of $ 50 per Unit. Each
Unit being comprised of 1000 shares to be issued as a "flow-through
shares", and 500 non-flow-through common share purchase warrants
(the "Warrants") of the Company. Of the subscription price of Cdn
$50 per Unit, the Company hereby allocates $ 49 to the price of the
Unit Shares comprised in each Unit and $1 to the price of the
Warrants comprised in each Unit. Each Warrant will entitle the
holder thereof to purchase one common share of the capital stock of
the Company that is not a "flow-through share" ("Common Share") at
an exercise price of $ 0.10 during a period of 24 months from the
date of closing of the placement. Each share issued pursuant to the
placement will have a mandatory four (4) month holding period from
the date of closing of the placement.
In connection with this placement, which was subscribed for in
total by Matrix Quebec 2011 II Flow-Through LP, the Corporation
will pay a cash finder's fees of $ 20,000 to Meadowbank Asset
Management Inc.
The private placement is subject to regulatory approval.
About Uragold Bay Resources Inc.
Uragold Bay Resources is a junior exploration company trading on
the TSX Venture Exchange under the symbol UBR. Uragold is a top
claims holder in Southern Quebec's Appalachian belt. The properties
benefit from extensive historical exploration work and from
well-established infrastructure thereby helping to reduce
exploration risks. Uragold's business model focuses on developing,
a series of potential small scale low-cost gold mining operations
for their potential in generating cash flow while simultaneously
exploring core properties that hold the potential for the discovery
of blue sky gold deposits like the MacDonald project.
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: Bernard J. Tourillon, Chairman and CEO (514) 846-3271
Patrick Levasseur, President and COO (514)
846-3271www.uragold.com
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