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Re: News Release - Monday, March 16, 2009
Cangold Closes Private Placement
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CANGOLD LIMITED (TSX-V: CLD, the "Company") reports that the Company
has closed the non-brokered private placement financing announced on
February 17, 2009.
On closing, the Company issued 4,700,000 units at $0.05 per unit for
gross proceeds of $235,000. Each unit comprises one common share and
one-half of one non-transferable share purchase warrant.
Each full warrant entitles the holder to acquire, upon exercise, one
additional common share at $0.10 until March 12, 2010, provided,
however, that should the closing price of the Company's shares on the
TSX Venture Exchange be at least $0.20 per share for 20 consecutive
trading days (at any time at or following the expiry of the four month
resale restriction period), the Company may, by notice to the holder
(supplemented by a new release of general dissemination) reduce the
remaining exercise period applicable to the warrants to not less than
30 calendar days from the date of such notice.
The Company paid cash finders' fees totalling $8,050, and issued
161,000 finders' warrants. The finders' warrants have the same
attributes as the warrants above described. All securities issued and
issuable under the private placement are subject to a hold period
expiring on July 14, 2009.
The financing proceeds will be used for further property acquisition
investigations and for general working capital.
For further information please visit the Company's website at
www.cangold.ca or contact Don Mosher, at telephone 604 685 6465, fax
604 899-4303 or e-mail info@cangold.ca
ON BEHALF OF THE BOARD
Kaare G. Foy
Executive Chairman
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
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Copyright (c) 2009 CANGOLD LIMITED (CLD) All rights reserved. For
more information visit our website at http://www.cangold.ca/ or send
mailto:info@cangold.ca
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Cangold Limited
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PRODUCER |
CODE : CLD.V |
ISIN : CA1375881093 |
CUSIP : 137588109 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Cangold is a gold exploration company based in Canada. Cangold holds various exploration projects in Canada and in Mexico. Its main asset in production is CASUMMIT-ARGOSY in Canada and its main exploration properties are ARGOSY and CASUMMIT LAKE in Canada and PLOMO and LOS VENADOS in Mexico. Cangold is listed in Canada. Its market capitalisation is CA$ 1.4 millions as of today (US$ 1.1 millions, € 1.0 millions). Its stock quote reached its lowest recent point on December 24, 2008 at CA$ 0.01, and its highest recent level on December 17, 2010 at CA$ 0.75. Cangold has 46 740 000 shares outstanding. |